- Hunt will present his first full budget on March 15, as the country continues to grapple with rising food and energy costs, the spread of industrial labour, the fallout from Brexit and the worst growth outlook among the major G20 economies.
- The tax burden in the UK is currently at its highest level in 70 years.
In a highly anticipated opening autumn statement, Chancellor of the Exchequer Jeremy Hunt will unveil a comprehensive £55 billion ($66 billion) fiscal plan.
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British finance minister Jeremy Hunt said on Friday that the government would consider cutting taxes “as soon as possible” amid pressure from some lawmakers in his own party to reduce the country’s tax burden.
Hunt will present his first full budget on March 15, as the country continues to grapple with rising food and energy costs, the spread of industrial labour, the fallout from Brexit and the worst growth outlook among the major G20 economies.
In his November fall manifesto, Hunt delivered a slew of tax increases and spending cuts while setting out to plug a huge hole in the country’s public finances.
The sweeping £55 billion ($66 billion) fiscal plan sought to restore the country’s credibility under Prime Minister Rishi Sunak’s government, after chaos unleashed by former leader Liz Truss’ disastrous “small budget” in late September.
A marked improvement in public finances and a sharp fall in wholesale gas prices since Hunt took office prompted the government to run a surprise budget surplus of £5.4bn in January.
Hunt earlier this week dismissed suggestions that he had taken a “windfall” over a lower cost energy price guarantee to support household energy bills, and indicated he would resist calls from Tory MPs for lower taxes this time around. . The tax burden in the UK is currently at its highest level in 70 years.
Speaking at the Green Industry Conference in London on Tuesday, Hunt said the lower costs of underwriting energy prices were offset by a reduction in windfall taxes on energy price excess profits, which means a much smaller net footprint in government coffers. .
“The most important thing is that this was a one-time cost. To make permanent changes in taxes and spending more frequently, year after year, you need a more fundamental change in national policies,” he said.
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