Middle classes will still be worse off despite Hunt’s tax cuts, says IFS
9 months, 2 weeks ago

Middle classes will still be worse off despite Hunt’s tax cuts, says IFS

The Telegraph  

Middle-class earners will still be paying more tax despite Jeremy Hunt’s £10bn National Insurance cuts, the Institute for Fiscal Studies has said. Anyone earning more than £60,000 faces a bigger tax bill this year because the Chancellor’s stealth income tax raid will cost them more than they will gain from reductions to other taxes on income. A person earning £61,000 will have to pay £80 per year more in personal taxes compared to 2021 because of the Chancellor’s tax policies. The two tax cuts combined would save the average worker £900 per year, the Chancellor said.

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History of this topic

Employer national insurance hike to slow hiring and wage growth, critics say
1 month, 3 weeks ago

Employer national insurance hike to slow hiring and wage growth, critics say

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Chancellor has admitted that …

Millions of working people will suffer from Reeves’s first Budget, warns OBR
1 month, 3 weeks ago

Millions of working people will suffer from Reeves’s first Budget, warns OBR

The Telegraph  

Millions of working people will suffer from Rachel Reeves’ Budget tax raid, the Government’s fiscal watchdog has warned. Workers will pay for 80pc of the Chancellor’s increase in employer National Insurance in the long term through lost wage increases and lower income, according to the Office for Budget Responsibility. Homeowners also face hundreds of pounds more in mortgage bills, with …

Keir Starmer tells Brits they face a 'harsh reality': Prime Minister issues a new tax warning as Labour's Budget is set to batter employers with a major national insurance rise
1 month, 3 weeks ago

Keir Starmer tells Brits they face a 'harsh reality': Prime Minister issues a new tax warning as Labour's Budget is set to batter employers with a major national insurance rise

Daily Mail  

VAT on private school fees and non-dom crackdown - likelihood 10/10 The Labour manifesto committed to scrapping non-dom status, adding VAT to private school fees and increasing stamp duty on buyers from abroad. Employer national insurance - 9/10 Rachel Reeves looks almost certain to increase employer NICs, despite claims it is a 'straightforward breach' of the Labour manifesto. Capital gains …

Jeremy Hunt throws down the gauntlet on tax with five major tax cuts promises in first Tory budget - as Chancellor challenges Labour to rule out rises
5 months, 4 weeks ago

Jeremy Hunt throws down the gauntlet on tax with five major tax cuts promises in first Tory budget - as Chancellor challenges Labour to rule out rises

Daily Mail  

Jeremy Hunt has confirmed five major tax cuts will be included in a Conservative post-election budget, and has challenged his Labour counterpart to rule out any rises in her first budget. The Chancellor said National Insurance would be slashed for the employed and the self-employed, income tax would be cut for pensioners and the increased stamp duty threshold would be …

Budget 2024: Low-income individuals likely to get big tax relief, says report
6 months ago

Budget 2024: Low-income individuals likely to get big tax relief, says report

India Today  

The government is considering significant tax cuts for lower-income individuals in the upcoming Budget 2024, marking the first such relief in seven years, reported Bloomberg. Lower tax rates, new tax slabs Salaried taxpayers earning between Rs 5 lakh and Rs 15 lakh annually, currently taxed at rates ranging from 5% to 20% under the new income tax regime, could benefit …

Budget 2024: Which income categories can expect tax relief?
6 months ago

Budget 2024: Which income categories can expect tax relief?

India Today  

The government is considering a reduction in tax rates for specific categories of salaried individuals, aimed at boosting consumption, reported news agency Reuters. The reduction in tax rates could be part of the upcoming budget announcement in July by Finance Minister Nirmala Sitharaman, the report said, citing two government officials. Potential tax relief The anticipated tax relief could benefit individuals …

Budget at a glance: What measures did the Government announce?
9 months, 2 weeks ago

Budget at a glance: What measures did the Government announce?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Jeremy Hunt used the Budget …

Britain’s Conservative government announces tax cuts it hopes can lift its ailing election fortunes
9 months, 2 weeks ago

Britain’s Conservative government announces tax cuts it hopes can lift its ailing election fortunes

Associated Press  

LONDON — British Treasury chief Jeremy Hunt sought Wednesday to bolster spirits within his Conservative Party with another tax cut for 27 million working people, hoping it can turn the political tide ahead of a general election this year. “We will continue to cut national insurance contributions as we have done today so we truly make work pay,” Hunt said …

Hunt risks pensioner backlash with stealth tax raid for NI cuts
9 months, 2 weeks ago

Hunt risks pensioner backlash with stealth tax raid for NI cuts

The Telegraph  

Angering heartland voters is not the usual tactic of a Government going to the polls within months. Yet the goodwill this engendered may be squandered as pensioners are missing out on the best of the tax cuts announced at the Budget, just as they did at the Autumn Statement in November. Torsten Bell, chief executive of the Resolution Foundation, says: …

Jeremy Hunt signals end of National Insurance
9 months, 2 weeks ago

Jeremy Hunt signals end of National Insurance

The Telegraph  

There were some positive financial signs, with the Office of Budget Responsibility saying the UK was now out of recession after the economy shrank in the second half of last year. The OBR said personal tax cuts announced last autumn and on Wednesday only reversed around half the total extra tax revenue raised from the freezing of thresholds until 2028. …

Jeremy Hunt eyes ‘national insurance cut and vape tax’ for next week’s Budget
9 months, 3 weeks ago

Jeremy Hunt eyes ‘national insurance cut and vape tax’ for next week’s Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery The chancellor is considering introducing a levy on vapes But the …

Jeremy Hunt shelves 2p income tax cut
10 months, 1 week ago

Jeremy Hunt shelves 2p income tax cut

The Telegraph  

Jeremy Hunt has shelved plans for a 2p cut to income tax at next month’s Budget as it was revealed the economy has entered a recession. He had also considered reducing National Insurance employee contributions by two percentage points as an alternative. However, the Office for National Statistics announced on Thursday that the economy had contracted 0.3 per cent in …

Jeremy Hunt denies lying about ‘record tax cuts’ claim
1 year, 1 month ago

Jeremy Hunt denies lying about ‘record tax cuts’ claim

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rishi Sunak and Jeremy Hunt were under pressure to deliver …

Winners and losers from Jeremy Hunt’s autumn Budget 2023
1 year, 1 month ago

Winners and losers from Jeremy Hunt’s autumn Budget 2023

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Millions of workers …

Hunt’s tax cuts based on ‘implausible’ public spending squeeze – think tanks
1 year, 1 month ago

Hunt’s tax cuts based on ‘implausible’ public spending squeeze – think tanks

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Jeremy Hunt’s tax giveaway is based on “implausible” plans to …

UK tax burden remains set for post-war record high, despite cuts
1 year, 1 month ago

UK tax burden remains set for post-war record high, despite cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Hunt begins to ease historically high tax burden with eye on Tory election hopes
1 year, 1 month ago

Hunt begins to ease historically high tax burden with eye on Tory election hopes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mr Hunt said high employment taxes “disincentivise the hard …

Hunt's bold plan to 'get Britain growing': Chancellor heads for Parliament as he prepares to 'cut National Insurance payments for 28m Brits, hand businesses tax breaks and give OAPs an extra £18 a wee
1 year, 1 month ago

Hunt's bold plan to 'get Britain growing': Chancellor heads for Parliament as he prepares to 'cut National Insurance payments for 28m Brits, hand businesses tax breaks and give OAPs an extra £18 a wee

Daily Mail  

Jeremy Hunt headed for Parliament today as he vows to 'get Britain growing' by cutting taxes and cracking down on the workshy. Jeremy Hunt headed for Parliament today as he vows to 'get Britain growing' by cutting taxes and cracking down on the workshy Rishi Sunak and the Chancellor briefed Cabinet on the contents of the Statement today Mr Sunak …

Hunt refuses to rule out shock income tax cut amid warnings of revolt if budget favours rich
1 year, 1 month ago

Hunt refuses to rule out shock income tax cut amid warnings of revolt if budget favours rich

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. A leading Tory advocate of tax cuts, Sir John Redwood, described the possibility of an …

UK Treasury chief signals tax cuts and a squeeze on welfare benefits are on the way
1 year, 1 month ago

UK Treasury chief signals tax cuts and a squeeze on welfare benefits are on the way

Associated Press  

LONDON — U.K. Treasury chief Jeremy Hunt says the government can afford to lower some taxes now that inflation is falling, but that any cuts will come along with a squeeze on welfare benefits. Hunt told Saturday’s Daily Telegraph newspaper that the British economy had “turned the corner.” He said that “there is a path to reducing the tax burden, …

Jeremy Hunt handed £11.4bn borrowing boost despite August setback
1 year, 3 months ago

Jeremy Hunt handed £11.4bn borrowing boost despite August setback

The Telegraph  

However, early data suggests the economy is weakening, which will hit tax receipts, Mr Webb warned. This would be the lowest level since 2019-20, although it would still amount to 4.6pc of GDP, compared to the Government’s medium-term target of 3pc according to the current fiscal rules.” Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said that although GDP data …

Hunt ushers in new era of high tax, big state Britain
2 years, 1 month ago

Hunt ushers in new era of high tax, big state Britain

The Telegraph  

Mr Johnson said that debt interest, which is expected to stay at around £100bn a year, plus higher spending on health and on benefits, “entirely explains the growth in the size of the state over the period from 2019 to the later years of this decade”. “We want low taxes,” Jeremy Hunt said on Thursday, even as he introduced a …

Tories increase taxes, cut spending as recession looms
2 years, 1 month ago

Tories increase taxes, cut spending as recession looms

The Hindu  

The Rishi Sunak government announced a £55 billion “consolidation” package of tax hikes and spending cuts in an attempt to get Britain’s public finances back on track partly to undo the damage caused by former Prime Minister Liz Truss’s September ‘Mini-Budget’, which had startled markets. The ‘Autumn Statement’, which was a response to the soaring cost of living, high energy …

Autumn Statement 2022 latest: Pension and welfare rises 'the right thing to do', insists minister
2 years, 1 month ago

Autumn Statement 2022 latest: Pension and welfare rises 'the right thing to do', insists minister

The Telegraph  

The Government is tackling Britain's current economic problems "head-on", Jeremy Hunt said on Thursday evening as he defended £25billion of tax rises. Mr Hunt raised the tax burden to its highest level since 1948 through measures in his Autumn Statement, while retaining the state pension triple lock and increasing benefits in line with inflation. The Chancellor reduced the threshold at …

Rishi Sunak and Jeremy Hunt aim for £50BILLION of public spending cuts and tax rises
2 years, 1 month ago

Rishi Sunak and Jeremy Hunt aim for £50BILLION of public spending cuts and tax rises

Daily Mail  

Rishi Sunak and Jeremy Hunt are aiming for £50billion of public spending cuts and tax rises to help tackle a huge black hole in the nation's finances and to convince markets they can balance the UK's books. Public finances have deteriorated since Rishi Sunak quit as Chancellor earlier this year Mr Hunt, meanwhile, is understood to have spoken with former …

Labor's first budget back in government will make income inequality worse, and the stage 3 tax cuts are mainly to blame
2 years, 1 month ago

Labor's first budget back in government will make income inequality worse, and the stage 3 tax cuts are mainly to blame

ABC  

The financial benefits of the Albanese government's major tax and welfare policies will flow overwhelmingly to Australia's richest households, making income inequality worse. The modelling shows the government's policies will see the top 20 per cent of households getting an extra $12 billion a year in disposable income in 2024-25. It considers the distributional impact of three major measures in …

Liz Truss plans to cut taxes further in the new year
2 years, 3 months ago

Liz Truss plans to cut taxes further in the new year

The Telegraph  

Liz Truss is planning to continue her tax-cutting spree in a new year Budget that will include further reductions in income tax, and discounts for savers and child benefit claimants. Up to 1.6 million savers could benefit from a review of the lifetime and annual allowances on pension pots, which currently can encourage employees to take early retirement to avoid …

National insurance increase: What the new tax rise means for you
2 years, 8 months ago

National insurance increase: What the new tax rise means for you

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. What I’m telling people is, if you want to fund our fantastic NHS, we …

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