Image source, PA Media

We're bringing our live coverage to an end now - but before we go here's a recap of today's main developments:

We heard from Chancellor Jeremy Hunt ahead of his Autumn Statement on Thursday. He said everyone would need to pay "a bit more tax" in a bid to get the economy back on track.

But he was keen to stress it would not all be bad news. He said people will continue to receive support for energy bills beyond next April, adding there will be "some constraints" to this.

Meanwhile, Shadow Chancellor Rachel Reeves called on him not to place an unfair burden on "ordinary working people", saying her party would make the tax system fairer and grow the economy to help fund public services.

Today's coverage was brought to you by Jennifer Meierhans and Alexandra Fouché, and the page was edited by Chris Giles and Rob Corp.

Labour looks to high earners for future tax risespublished at 11:43 Greenwich Mean Time 13 November 2022

11:43 GMT 13 November 2022

Marc Ashdown
Business correspondent

Labour is doubling down on taxing energy companies for the huge unexpected profits they have been making because of the surge in prices.

When we all pay more, the big suppliers make more. And shadow chancellor Rachel Reeves believes that isn't fair.

Labour pushed bringing in a windfall tax way before the government belatedly adopted it. They now say they would make it a much more permanent fixture, backdate it to January, and increase it, to raise up to £50bn.

Reeves said Labour would present a fully costed economic plan, to make the tax system fairer in order to invest in public services. But she acknowledged things would have to move much more slowly due to the gaping hole in the public finances.

She said there would be difficult decisions, but that Labour would not raise income tax. Instead, Reeves clearly hinted that high earners and business would bear the brunt of any tax rises under a Labour government.

Laura Kuenssberg
Presenter, Sunday with Laura Kuenssberg

Although some of their party's own activists don't like their approach, Labour's front bench accepts, like the government, that there is a "black hole" to fill.

Fundamentally, if Labour was in charge, they too would be looking at tight budgets, and having to raise some taxes.

Rachel Reeves' pitch is that if she was the chancellor, she would make different choices about who pays - closing tax loopholes for the wealthy, and clamping down on so-called non-doms.

But Labour will continue to face pressure about whether those changes would go far enough.

But this morning we saw the shape of the argument likely in the run-up to the next election: a debate about how to make the best of a bad situation - not exactly a battle of inspiration, ideas, for hearts and minds.

Reality Check

Earlier, Jeremy Hunt told Laura Kuenssberg "this year we have the fastest growth in the G7. We're catching up fast in that respect".

According to the International Monetary Fund (IMF) the UK economy is forecast to grow by 3.6% in 2022. That’s faster than any other country in the G7, a group of the richest nations.

However, latest figures show the UK economy shrunk by 0.2% between July and September and the Bank of England has forecast a “very challenging” two-year recession.

Despite stalling growth at the moment, the UK economy is bigger than it was in 2021 when the country was under lockdown for the first few months of the year.

The IMF now expects the UK to grow by 0.3% in 2023, down from its previous estimate of 0.5%.

Laura Kuenssberg
Presenter, Sunday with Laura Kuenssberg

Image source, PA Media

"Everyone is going to pay more tax" - not the kind of political message any minister would ever choose to say out loud.

But that is the clear statement from Chancellor Jeremy Hunt this morning, preparing the ground for a pretty unappetising set of announcements he is going to make this Thursday.

As ever at this stage in the cycle, the occupants of No 11 are coy about giving any specifics. But alongside that bold and important statement that genuinely will affect everyone in one way or another, it is abundantly clear that public services are in for a hard time with no guarantee there'll be extra cash to help them cope with the costs of inflation.

And if that wasn't enough, the help that everyone has been receiving with their energy bills will come to an end for many.

These are important days for the new chancellor, and new Prime Minister Rishi Sunak, painting a grim scenario for the next few years.

It will take much political skill to be able to get the public on side, backing these decisions. Money is short, but significantly behind in the polls, political good will towards the government is too.

It also won't have escaped people's notice that the chancellor accepted Brexit had had costs for the economy too. Wrapped up in suggestions that there were lots of opportunities still to come, it's a rare acknowledgement from a Conservative politician.

Chancellor Jeremy Hunt did not give many hints about exactly how he's going to bring the economy under control in Thursday's Autumn Statement but here are a few take aways from his interview.

• Everyone is going to pay more tax
• We are going to see spending cuts
• The government will continue to support people with their energy bills

Shadow chancellor Rachel Reeves said she was not going to write her manifesto for the Labour Party on the programme but did give us some ideas of what its alternative Autumn Statement could look like.

• Labour would reform the energy profits levy "to make it a proper windfall tax"
• They would raise taxes by closing loopholes relating to global corporation tax and non-dom status
• The party has no plans to increase income tax for working people

Chancellor's plan looks very different to his predecessor'spublished at 10:32 Greenwich Mean Time 13 November 2022

10:32 GMT 13 November 2022

Marc Ashdown
Business correspondent

The chancellor has hinted that he could make changes to the labour market to try and drive growth.

Jeremy Hunt said UK unemployment is at a 40-year low, but 600,000 people have left the workforce since the pandemic, and he admitted that has put a strain on businesses as they struggle to recruit.

He said he will address this in Thursday's Autumn Statement. Could it mean a change to immigration rules to allow companies to recruit more people from abroad?

He also acknowledged that Brexit has brought in more costs for businesses, but said the UK needs to embrace the opportunities.

His central message was that inflation is the biggest factor affecting household budgets. It "insidiously" eats away at people's spending power, he said.

The chancellor promised to set out a balanced and fair approach to address short-term pressures like energy prices and the cost of food and household goods. But he also wants to give businesses the tools to help them grow.

Expect his plans to be vastly different from his predecessor’s uncosted tax giveaways. “We need a plan that stands the test of time,” he concluded.

We are getting the final thoughts from the panel now on what we've heard this morning from shadow chancellor Rachel Reeves

Paul Johnson, director of the IFS, says he took two things from the interview with Rachel Reeves.

The first is that she recognised there are serious constraints on what Labour can do.

But he says the thing he was "slightly less convinced on" is that all that can be paid for by closing loopholes and taxing corporations.

"You can't just do it by taxing someone else which is the indication we got," he says.

Asked if Ukraine should be going to the negotiating table, Adm Radakin says that is a decision for Ukrainian President Volodymyr Zelensky.

"We've got to be respectful - and acknowledge that it's President Zelensky who's going to determine for his nation when is the right negotiating point."

From Britain's point of view, Sir Tony says there is no change with Kherson

"The UK has always supported President Zelensky."

Image source, EPA

Chief of the Defence Staff Sir Tony Radakin says Russia is losing the war in Ukraine and has been losing from the very outset.

But he says he is wary of using "turning-point" language.

"This is a messy, protracted, conflict and the likelihood is that it will continue to be a messy, protracted conflict," he says.

Kherson is a significant gain but there will be ebbs and flows throughout this war, he tells Laura Kuenssberg.

Image source, Reuters

Sir Tony Radakin, the chief of the defence staff, is asked about Russia's withdrawal from the Ukrainian city of Kherson and what this victory means.

We're seeing a continued failure by Russia, he says, and we're seeing continued success by Ukraine - the determination to win their country back.

"Our job is to support Ukraine, and to support them politically, diplomatically, militarily."

Chief of the Defence Staff, Adm Sir Tony Radakin is speaking on the first Remembrance Sunday to be held without Her Majesty The Queen.

He says it will be "a little different but much of it will be the same" as it involves the whole nation.

"It's a special moment where we pause, we reflect and I think it does have additional poignancy particularly with the loss of the Queen," he says.

She represented duty in service but also the dignity of the wartime generation and all that they sacrificed for our generation, he says.

We also think of those at war in Europe, he adds.

Not the kind of budget any chancellor would want to deliverpublished at 10:09 Greenwich Mean Time 13 November 2022

10:09 GMT 13 November 2022

Faisal Islam
Economics editor

“Everyone” is going to be paying more tax, and public services are going to be squeezed, during a recession.

This is not the sort of budgetary statement that any chancellor would want to make as their debut, or indeed ever.

It is also incredible to be left with policies that were expressly designed to lower the tax burden directly leading to a higher one.

The message from Jeremy Hunt was squarely focused on managing expectations for the public downwards about the personal impact of these measures.

But also there was an attempt to explain the rationale. The UK is spending hundreds of billions more for its imported energy, making us poorer as a nation.

The main aim of this statement will be restoring stability and getting inflation down.

Perhaps the most important indication given by Hunt was that he has decided to announce on Thursday what will replace the Energy Price Guarantee in April, which prevented typical bills hitting £4,000-5,000 a year this winter.

That might remove protection from many above-average households, but it might also further pressurise the public finances.

Reeves is asked if she believes Labour could raise all the tax it needs to pay for public services by closing loopholes.

She says "there's an awful lot you can get" at, including windfall taxesd, the global minimum rate of corporation tax and changes to non-dom status that Labour has proposed.

She says: "The Tories keep coming back to working people and asking them to pay more and do little to close these loopholes that mean the some of most wealthy people and businesses in society are still not paying their fair share."

She adds: "That is the difference between what Jeremy Hunt will be doing on Thursday and what I would be doing if I was Chancellor of the Exchequer."

Asked if that's a guarantee that Labour would not put income taxes up, she says: "I'm not going to write my manifesto for the Labour Party on this programme but I've got no plans to increase income tax."

Kuenssberg says not everyone agrees with the shadow chancellor's alternative economic plan.

Reeves replies that she worked as a Bank of England economist for many years and recognises there are constraints on what the government can do.

"A lot of these problems are because of the mistakes the government has made," she says.

Which is why it is so important to have a serious plan for improving the economy and investing in public services, she adds.

"Just because you have to make difficult decisions it doesn't mean you have to make the same decisions," Reeves says.

"The decisions and choices that Labour would be making would make our tax system fairer and grow the economy so we've got the money for those essential public services," she says.

Schools and the NHS are in a "total mess" due to mistakes made by the Conservative government over the last decade, Reeves adds.

In response to a viewer's question on the impact on the UK of inflation and the war in Ukraine - conditions faced by other countries in Europe and the US - it's put to Reeves that the country would be in the same position if Labour were in charge.

The shadow chancellor says the UK has been uniquely exposed and the country has been languishing in the global growth league tables for the last decade, and was therefore less well prepared to face those challenges.

Does she accept that if her party was elected, she would also have to rein in public spending and put taxes up?

"I do recognise an incoming Labour government will not be able to do everything we want as quickly as possible," she says.

"Everything in our next manifesto will be fully costed and fully funded," she adds.

Reeves says the Labour Party would reform the energy profits levy "to make it a proper windfall tax".

She says they would back-date it to January when those windfall profits as a result of high gas prices following the Russian invasion of Ukraine started coming in.

Labour would also extend the scheme by two years and put up the tax rate to match Norway's which they believe could bring in an additional £50bn.

She says: "What we really need to see is investment in renewables because that is the cheapest form of energy, that is what will boost our energy security in Britain and get us to those net-zero targets and create thousands and thousands of well paid secure jobs here in Britain."

Next up is Labour shadow chancellor Rachel Reeves who is in Leeds and is asked whether she thinks there will be a big hole in government finances.

There are two important things she says she is looking for from the chancellor on Thursday.

"The first is about fair choices to manage the public finances and the second is a serious plan for growth."

It is disappointing that there is a gap in government finance, she says, which is why Labour have started to set out some of the tax changes they would make and prioritise, she says.

Also on today's panel is Financial Times editor Roula Khalaf, who says it's a relief to hear "no more fantasy economics" from the chancellor.

He says he's saying the party is going to be fiscally responsible, there is going to be pain but they will try to spread the pain across.

But she says there are two things that are not being said.

One is that the chancellor has to compensate for the impact of the mini-budget.

The second is that Brexit is the elephant in the room.

"Yes there are opportunities from Brexit but we haven't seen them yet," she says.

She adds there is "more room for transparency" on Brexit.

Paul Johnson of the Institute for Fiscal Studies comments that it was very striking the way Hunt kept saying everyone is going to be paying more taxes.

There are many ways of doing this, he says, but the only way for everyone to pay more tax is by increasing VAT, he says.