There has been a great deal of pontificating about the financial state of local government, the disastrous mini-Budget and the new chancellor's Autumn Statement since it was announced just two weeks ago. But what does it all mean for the economic and political situation the country finds itself in? And then there is the million dollar question: Just how bad will it get for the UK?

As former No 10 chief of staff Lord Gavin Barwell told the County Councils' Network conference, we are facing the highest level of inflation for 40 years. ‘The last time we had inflation at this level was after a major energy shock.'