JEREMY Hunt WILL “cut taxes for individuals” tomorrow, his deputy said today.
Despite last month’s higher-than-expected borrowing, the chancellor will press ahead with expected cuts to national insurance – a move seemingly confirmed by the new chief secretary to the Treasury, Laura Trott.
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Jeremy Hunt is preparing to present his autumn statement tomorrowCredit: PA
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Laura Trott said taxes for individuals will be cut in tomorrow’s Autumn Statement Credit: Rex
In a surprisingly candid interview, the rising Tory star told the BBC: “The economy is in a very different place to where we were a year ago and now we can focus on growth, increasing the rate of growth of the economy and reducing taxes for individuals.”
When asked about tax cuts, she added: “That’s where the focus is. Now we can talk about it, we’re moving to the second phase.”
Mr Hunt will not raise the income tax threshold despite the record tax – but is likely to offer a smaller cut to National Insurance instead.
In key events:
- Hopes were rising that liquor duty would be frozen in a victory for drinkers
- Plans to cut inheritance tax will be delayed until next year
- Mr. Hunt will order a ride back to work and deal with benefits
- The Living Wage is expected to rise above £11 as a much-needed cash boost for workers
- White Van Man is in line for tax cuts through National Insurance contributions
The chancellor has delayed cuts to inheritance and stamp duty until the spring – but workers’ wallets are likely to finally get a long-awaited breather.
Still, the stimulus pales in comparison to the billions raised by funneling millions into higher income tax rates.
Mr Sunak said yesterday that he could move on to the next phase of the Government’s economic plan – including tax cuts and rewarding hard work – after inflation fell to 4.6 per cent in October.
He told the audience in north London: “We will do this in a serious, responsible way, based on fiscal rules to deliver sound money.
“Discipline is needed and we have to set priorities. But over time we can and will reduce taxes.”
The prime minister also promised to crack down on welfare fraudsters so that as many people as possible get jobs.
His five-point plan also included domestic energy security by building nuclear power plants and supporting North Sea oil and gas and renewable energy sources. He also promised to support British business.
Meanwhile, £12m will go towards helping survivors of domestic violence.
There will be £10 million in workplace support. And £2 million will help people leave abusive relationships by applying for £500 cash or vouchers through Women’s Aid.
For 20 years, The Sun has campaigned on behalf of survivors of domestic abuse through campaigns such as Save Our Shelters and Give Me Shelter.
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Source: HIS Education