5 Hidden Horrors in the Autumn Statement

The Liberal Democrats have revealed five "hidden horrors" buried in the small print in the Autumn Statement, including a staggering £18bn of tax cuts for the banks while almost six million people are dragged into a higher rate of tax.

1. Bank tax cuts: Cuts to the bank levy and banking surcharge will mean a tax giveaway of a staggering £18 billion to banks over the next five years.

2. Police cuts: Home Office spending is set to be slashed by £100m in real-terms by 2024-25.

3. Crumbling schools: There will be a £1 billion (14%) real-terms cut in capital spending on education in 2024-25.

4. Stealth tax: Almost six million people are being dragged into a higher tax band by the freezing of tax thresholds (3.2 million into the lower rate and 2.6 million into the higher 40p rate).

5. Social Housing: New stealth tax on social housing providers will mean lower investment in existing and new social housing.

Responding to these announcements, Liberal Democrat Treasury Spokesperson, Sarah Olney MP said:

"Underneath the surface of this terrible "cost of chaos" Budget are yet more hidden horrors. Everything from police to social housing to our crumbling schools is being left in the dust by this Conservative Government.

"Everyone will be forced to pay for this cost of chaos budget with their public services being slashed more each year.

"Banks are being given a huge tax giveaway while millions are dragged into a higher rate of tax.

"The accumulated impact of these cuts will mean a bleak recession for years to come caused by an out of touch Conservative Government."