UK Treasury chief Jeremy Hunt reverses nearly all tax cut plans
2 years, 2 months ago

UK Treasury chief Jeremy Hunt reverses nearly all tax cut plans

Al Jazeera  

Treasury chief Jeremy Hunt scraps most of an economic package announced by the UK government just weeks ago. Hunt said on Monday he was scrapping “almost all” the tax cuts announced last month and signalled public spending cuts were on the way. “But growth requires confidence and stability, and the United Kingdom will always pay its way.” Hunt was appointed on Friday after Prime Minister Liz Truss fired Kwasi Kwarteng, who spent less than six weeks in the Treasury job. The near-total reversal of the economic plan leaves Truss, Britain’s fourth prime minister in six years, battling to survive in Downing Street less than six weeks after she came to power promising bold tax cuts and deregulation to reignite economic growth.

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History of this topic

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 …

Jeremy Hunt warned of £2bn real-term cuts to NHS funding
9 months, 2 weeks ago

Jeremy Hunt warned of £2bn real-term cuts to NHS funding

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 is facing warnings …

U.K. Finance Minister dampens down hopes of tax cuts as election looms
9 months, 3 weeks ago

U.K. Finance Minister dampens down hopes of tax cuts as election looms

The Hindu  

British Finance Minister Jeremy Hunt on March 3 talked down the likelihood of tax cuts in this week’s budget, pledging “prudent and responsible” measures “for long term growth”. The Chancellor of the Exchequer had been widely expected to cut taxes in Wednesday’s budget, in a move seen as a way of closing the gap on the main Opposition Labour Party …

Jeremy Hunt looks at policing budget cuts
10 months ago

Jeremy Hunt looks at policing budget cuts

The Telegraph  

Jeremy Hunt is looking at scaling back public spending in next month’s Budget in a move that could shrink budgets for policing, border officials and prison staff by a fifth. The Chancellor is considering reducing the amount spent each year on public services after the next election from a one per cent rise in real terms to a 0.75 per …

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 …

Hunt rows back on tax cuts, as Bank of England warns wage inflation still too high
10 months, 3 weeks ago

Hunt rows back on tax cuts, as Bank of England warns wage inflation still too high

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. Jeremy Hunt told Tory MPs that he had far less …

Jeremy Hunt sets March 6 as spring budget date
11 months, 3 weeks ago

Jeremy Hunt sets March 6 as spring budget date

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. Asked on Wednesday whether the PM believes the tax …

Hunt gives Tory MPs early Christmas present - a hint of tax cuts next year
1 year ago

Hunt gives Tory MPs early Christmas present - a hint of tax cuts next year

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 }} Jeremy Hunt has …

Autumn Statement: Hunt’s ‘tax cuts’ dampened by another energy price cap rise - live
1 year, 1 month ago

Autumn Statement: Hunt’s ‘tax cuts’ dampened by another energy price cap rise - live

The Independent  

✕ Close Autumn budget 2023: Key announcements from Jeremy Hunt's statement 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 …

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 …

JASON GROVES: The election starts with Jeremy Hunt's Autumn Statement, but the Tories will need to go much further to win
1 year, 1 month ago

JASON GROVES: The election starts with Jeremy Hunt's Autumn Statement, but the Tories will need to go much further to win

Daily Mail  

Jeremy Hunt set the scene for the Tories' election campaign with a mini-Budget designed to show that the party is ready to return to its tax-cutting traditions. Pictured: Rishi Sunak and Jeremy Hunt yesterday Mr Sunak is painfully aware that the Conservatives face an uphill task to persuade voters that they can be trusted again to cut tax Both men …

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, …

Economic boost for Sunak - but fresh tax cuts calls erupt
1 year, 2 months ago

Economic boost for Sunak - but fresh tax cuts calls erupt

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. Treasury minister Andrew Griffith said they were "not for the moment" when asked about the …

Tax cuts ‘virtually impossible’, says Jeremy Hunt in blow for Tory right
1 year, 3 months ago

Tax cuts ‘virtually impossible’, says Jeremy Hunt in blow for Tory right

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 }} Chancellor Jeremy Hunt …

'Britain to avoid recession…' UK finance minister Jeremy Hunt in Budget speech
1 year, 9 months ago

'Britain to avoid recession…' UK finance minister Jeremy Hunt in Budget speech

Hindustan Times  

Chancellor of the Exchequer Jeremy Hunt said the UK economy will avoid a recession this year as the outlook improves, giving the Treasury a potential boost. Britain's Chancellor of the Exchequer Jeremy Hunt poses with the red Budget Box as he leaves 11 Downing Street in central London on March 15, 2023, to present the government's annual budget to Parliament. …

Hunt told he must cut taxes as recession avoided by thinnest of margins
1 year, 10 months ago

Hunt told he must cut taxes as recession avoided by thinnest of margins

The Telegraph  

Business leaders are calling on Chancellor Jeremy Hunt to cut taxes to boost growth, after the UK economy shrank by more than expected in December. Official figures show the UK narrowly avoided falling into recession at the end of last year, however the economy shrank by more than expected. “All eyes are on the Chancellor’s March budget, when businesses will …

UK Treasury chief delays detailing new economic plans
2 years, 1 month ago

UK Treasury chief delays detailing new economic plans

Associated Press  

LONDON — U.K. Treasury chief Jeremy Hunt on Wednesday delayed his much-anticipated economic statement until Nov. 17, giving new Prime Minister Rishi Sunak a chance to weigh in on policies meant to stabilize the country’s finances after his predecessor’s tax-cutting plans triggered market upheaval. “But it’s also extremely important that that statement is based on the most accurate possible economic …

UK’s New Finance Minister Reverses All Of Liz Truss’ Tax Cuts
2 years, 2 months ago

UK’s New Finance Minister Reverses All Of Liz Truss’ Tax Cuts

ABP News  

Britain’s new Chancellor of the Exchequer, Jeremy Hunt, on Monday reversed entirely all of British Prime Minister Liz Truss’ tax cuts and scaled back the expensive energy bills support in an emergency fiscal statement. After meetings with Prime Minister Liz Truss at her Chequers country retreat and the Governor of the Bank of England, Andrew Bailey, on Sunday, the new …

U.K. Chancellor of Exchequer Jeremy Hunt scraps nearly all government tax cut plans
2 years, 2 months ago

U.K. Chancellor of Exchequer Jeremy Hunt scraps nearly all government tax cut plans

The Hindu  

U.K. Chancellor of Exchequer Jeremy Hunt on October 17, 2022, reversed most of an economic package announced by the government just weeks ago, including a planned cut to income tax. In a bid to soothe turbulent financial markets, Mr. Hunt said he was scrapping “almost all” the tax cuts announced last month and signaled public spending cuts are on the …

I’ve seen a WhatsApp message setting out the future Tory leadership – and it’s brutal
2 years, 2 months ago

I’ve seen a WhatsApp message setting out the future Tory leadership – and it’s brutal

The Telegraph  

Liz Truss is no longer leading. Jeremy Hunt’s statement at 11am on Monday was part of a carefully coordinated effort to reassure the markets that there would be no more policy surprises to spook bond traders. It was barely half the length of Ms Truss’s ill-fated press conference to defend the sacking of Kwasi Kwarteng, her Chancellor, on Friday – …

U.K. Finance Minister Hunt vows to win back financial market trust
2 years, 2 months ago

U.K. Finance Minister Hunt vows to win back financial market trust

The Hindu  

Britain’s new Finance Minister Jeremy Hunt promised to win back the country’s economic credibility by accounting for every penny of the government’s tax and spending plans, while insisting that his boss Prime Minister Liz Truss remained in overall charge. Ms. Truss appointed Mr. Hunt on Friday in an attempt to rescue her leadership as confidence in her ability to run …

New UK Treasury chief: Mistakes were made, tax rises coming
2 years, 2 months ago

New UK Treasury chief: Mistakes were made, tax rises coming

Associated Press  

LONDON — Britain’s new Treasury chief on Saturday acknowledged mistakes made by his predecessor and suggested that he may reverse much of Conservative Prime Minister Liz Truss’ tax-cutting plans in order to bring stability to the country after weeks of economic and political turbulence. Jeremy Hunt, who was brought in Friday to replace Kwasi Kwarteng as Treasury chief and restore …

Jeremy Hunt says taxes will rise and ‘difficult’ cuts are needed after mini-Budget ‘mistakes’
2 years, 2 months ago

Jeremy Hunt says taxes will rise and ‘difficult’ cuts are needed after mini-Budget ‘mistakes’

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. Read our privacy policy Liz Truss’s new chancellor Jeremy Hunt has said taxes will rise …

Government has made mistakes, says Britain’s new Finance Minister Jeremy Hunt
2 years, 2 months ago

Government has made mistakes, says Britain’s new Finance Minister Jeremy Hunt

The Hindu  

Britain's new Finance Minister Jeremy Hunt said Prime Minister Liz Truss's government had made mistakes with its controversial tax cut plans that prompted turmoil in financial markets and led to the sacking of his predecessor Kwasi Kwarteng. "It was a mistake when we're going to be asking for difficult decisions across the board on tax and spending to cut the …

U.K. PM Liz Truss appoints Jeremy Hunt to replace sacked Chancellor Kwasi Kwarteng
2 years, 2 months ago

U.K. PM Liz Truss appoints Jeremy Hunt to replace sacked Chancellor Kwasi Kwarteng

The Hindu  

Embattled British Prime Minister Liz Truss on Friday appointed former Cabinet minister and Conservative Party leadership contender Jeremy Hunt as the new Chancellor, after she sacked close friend Kwasi Kwarteng in an effort to stem the rebellion within her party ranks over the economic turmoil unleashed by his mini-budget. Truss addressed a press conference from 10 Downing Street to formally …

UK’s Truss drops tax cuts, axes Treasury chief amid turmoil
2 years, 2 months ago

UK’s Truss drops tax cuts, axes Treasury chief amid turmoil

Associated Press  

LONDON — Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets. Truss is trying to restore confidence and rebuild her credibility with international investors and members of her own party …

Liz Truss ditches another big tax cut and fires her finance minister
2 years, 2 months ago

Liz Truss ditches another big tax cut and fires her finance minister

CNN  

London CNN Business — UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership. Kwarteng presented a “mini budget” just three weeks ago, promising tax cuts worth £45 billion and increased borrowing with the hope of boosting UK economic growth. …

UK markets roiled after bank rules out extending help
2 years, 2 months ago

UK markets roiled after bank rules out extending help

Associated Press  

LONDON — Britain’s economy faced new shocks Wednesday after the Bank of England ruled out extending an emergency debt-buying plan – and the Conservative government appeared to blame the independent central bank for the U.K.’s economic turmoil. The central bank took emergency action after the British government on Sept. 23 announced plans for 45 billion pounds in tax cuts without …

UK government makes tax cut U-turn after market turmoil
2 years, 2 months ago

UK government makes tax cut U-turn after market turmoil

Al Jazeera  

The United Kingdom’s government has reversed plans to cut the country’s highest rate of income tax, marking a humiliating U-turn for Prime Minister Liz Truss’s new administration. Announcing the government’s U-turn, Kwarteng said the proposal to slash the top rate – which made up about 2 billion pounds out of the overall 45 billion pounds tax-cutting plan – had “become …

Liz Truss defends controversial tax cuts as pound plummets
2 years, 3 months ago

Liz Truss defends controversial tax cuts as pound plummets

CNN  

London CNN — Liz Truss has defended her government’s controversial announcement to cut taxes for citizens and businesses in an exclusive interview with CNN’s Jake Tapper. Truss told Tapper that by cutting taxes, her government was “incentivizing businesses to invest and we’re also helping ordinary people with their taxes.” While the cuts were expected, critics warn that they will be …

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