Chancellor Jeremy Hunt is set to deliver his autumn statement today (November 22).

The autumn statement will allow the chancellor to make tax and spending announcements outside of the Budget. Prime Minister Rishi Sunak has already hinted that he wants to cut taxes as it's something he "believes" in.

Furthermore, the government is expected to announce cuts to national insurance, affecting 28 million people. Additionally, the government has confirmed that the chancellor will introduce a "record wage boost" for close to 3 million workers next year.

Read more: What could be announced in autumn statement 2023 - from tax cuts to state pension changes

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Here's a breakdown of everything you need to know ahead of today's autumn statement.

What time is the autumn statement and what to expect

It is understood that Mr Hunt will speak to MPs at roughly 12.30pm. A handful of planned policies have already been announced, with major economic reforms expected, potentially affecting millions of Brits.

A report from The Times indicated that benefits could be reduced by as much as £4,680 a year from 2025 for some claimants as the government attempts to get more people back into work. Reports suggest the plans include measures to get people living with a disability to work from home where possible.

State Pensions may also take a hit, with the Financial Times reporting that the government could raise pensions covered by the triple lock by 7.8 per cent in line with 'regular pay' instead of the previously expected 8.5 per cent. This could save the government around £900 million, it has been reported.

The government also confirmed it will provide a significant increase to the National Living Wage (NLW) , worth over £1,800 a year, for millions of full-time workers. The boost will push up the NLW from £10.42 to £11.44 an hour.

Chancellor of the Exchequer Jeremy Hunt said: "Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise.

"The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays."

First-time buyers may also be given an extension to the mortgage guarantee scheme for an additional year. This scheme allows such buyers to take out a mortgage at five per cent of their deposit.

While many Tory MPs could be hoping for tax cuts thanks to favourable economic conditions, such as the halving inflation goal being met, Mr Sunak hinted that he wants to "reward hard work", but no full details have yet been released.

Mr Hunt said: "We met our pledge to halve inflation, but we must keep on supporting the Bank of England to drive inflation down to 2 per cent. That means being responsible with the nation’s finances. At my autumn statement tomorrow, I will focus on how we boost business investment and get people back into work to deliver the growth our country needs.”