Hunt chills spending with tax raid Experts say Jeremy Hunt’s Autumn Statement tax raid will only worsen the recession with consumers now less likely to spend. Rich Shepherd from market research firm Mintel says. “A couple of years ago we were all locked down because of Covid. Now, we're going to be effectively locked down because we can't afford to go out.” Consumer spending was weak going in to the Autumn Statement, but David Bharier, head of research at the British Chambers of Commerce, says businesses now feel the chilling effect of the Chancellor’s policies is hitting them hard. Capital Economics predicts retail sales will fall by 0.5% in the final three months of the year – that would be the worst performance in nearly a decade and a half.