“Lower tax means higher growth,” stated the chancellor, who is anticipated to propose a 2p cut to national insurance (NI) in what may be the final significant fiscal event before the next election.
Mr. Hunt is reportedly also thinking about:
• A fresh tax on e-cigarettes First-time homebuyer assistance programs, such 99% mortgages; a levy on business class airfare passenger duty; Reducing plans to raise departmental spending in order to save money
Labour stated that the announcements alone would not be sufficient to “undo the economic vandalism of the last decade” and that the tax burden would still grow to an all-time high.
Ahead of an impending election, some Tory MPs want Mr. Hunt to go further and reduce personal income tax, with Sir Keir Starmer’s party leading by about 20 points in the polls.
