Hunt handed £9.2bn boost for Budget tax cuts
10 months ago

Hunt handed £9.2bn boost for Budget tax cuts

The Telegraph  

The TaxPayers’ Alliance urged the Chancellor to “give taxpayers the break they deserve and cut income tax at the upcoming Budget”. However, receipts were £4.6bn lower than the OBR’s forecast of £116bn as income from higher earners, the self-employed and capital gains taxes eased. Self-assessment tax receipts stood at £21.6bn last month, which is £2.4bn less than the £24bn forecast by the OBR. The OBR said it had already incorporated the weaker-than-expected tax receipts into forecasts presented to the Chancellor last week, suggesting the watchdog expects receipts will be slightly lower than expected in five years’ time.

Tax Budget Obr Ons Receipts  spending  cuts  92bn  receipts  public  handed  tax  boost  chancellor  taxes  stood  forecast  budget  borrowing  hunt  taxpayers

History of this topic

Budget 2024 costing: How could Labour find £40bn in tax rises and spending cuts?
1 month, 3 weeks ago

Budget 2024 costing: How could Labour find £40bn in tax rises and spending cuts?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines 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. The party’s gloomy messaging has set the stage for a …

Hunt accuses Budget watchdog of political bias
1 month, 3 weeks ago

Hunt accuses Budget watchdog of political bias

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. “Proceeding in this way would cross a line which …

How Britain became addicted to spending
2 months ago

How Britain became addicted to spending

The Telegraph  

Following the Government’s frequent warnings about the dire state of public finances, as well as the “worst economic inheritance since the Second World War”, households are fully primed for a series of tax raids in next week’s Budget. However, despite the Chancellor’s drastic need for cash, what might surprise voters is that tax revenues flowing into the Treasury are already …

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 …

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 …

Cut benefits bill instead of relying on migration to bring down debt, says OBR chief
10 months, 2 weeks ago

Cut benefits bill instead of relying on migration to bring down debt, says OBR chief

The Telegraph  

He suggested that relying on public investment or a sharp rise in productivity were also unlikely to quickly reduce Britain’s debt burden, which has climbed from just under 40pc 20 years ago to around 100pc of the economy today. Mr Hunt hit back at comments made by OBR chairman Richard Hughes, describing them as “wrong”, and adding that they “shouldn’t …

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 …

Audit watchdog accuses HMRC of getting its sums wrong
10 months, 3 weeks ago

Audit watchdog accuses HMRC of getting its sums wrong

The Telegraph  

HMRC has underestimated the true cost of government tax breaks by billions of pounds because it has been doing its sums wrong, the audit watchdog has claimed. Official forecasts massively underestimated the true cost of a range of tax reliefs because HMRC’s modelling did not account for the fact that the policies boosted growth, the National Audit Office said in …

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 …

Watch again: Office for Budget Responsibility addresses MPs about Hunt’s autumn statement
1 year ago

Watch again: Office for Budget Responsibility addresses MPs about Hunt’s autumn statement

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. Read our privacy policy Thanks …

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 …

Hunt hints at more tax cuts before next election after ‘making a start’
1 year, 1 month ago

Hunt hints at more tax cuts before next election after ‘making a start’

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. “But what we can say is that, now we’ve …

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 …

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 …

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 …

Jeremy Hunt faces 'difficult decisions' ahead of Autumn Statement
1 year, 3 months ago

Jeremy Hunt faces 'difficult decisions' ahead of Autumn Statement

The Telegraph  

Jeremy Hunt has said that tax cuts are “virtually impossible” despite the Government borrowing less-than-expected this year. In an interview with LBC, the Chancellor said he faces difficult decisions ahead of the Autumn Statement in November. Commenting on the lack of fiscal headroom he expects to have, Mr Hunt said: “It makes life extremely difficult, it makes tax cuts virtually …

Sunak’s stealth tax raid sees burden on British households soar by 40pc
1 year, 4 months ago

Sunak’s stealth tax raid sees burden on British households soar by 40pc

The Telegraph  

Rishi Sunak’s stealth tax raid has seen payments to the Exchequer surge by 40pc since the pandemic, Organisation for Economic Cooperation and Development analysis shows. Payments of taxes on earnings and wealth – such as income tax and capital gains tax – were up by 39.2pc in the first quarter of this year compared with the final months of 2019, …

Jeremy Hunt gets £13bn tax cut boost ahead of general election
1 year, 8 months ago

Jeremy Hunt gets £13bn tax cut boost ahead of general election

The Telegraph  

The ONS cautioned that the annual figure was provisional and likely to be revised. It added that it had not yet updated its current tax estimates to reflect the OBR's latest economic forecasts, which predict a brighter economic picture and even stronger tax receipts. Debt interest payments rose by almost 50pc to £106.6bn last year according to the ONS, with …

Rise in debt costs could dash Budget tax cut hope
1 year, 9 months ago

Rise in debt costs could dash Budget tax cut hope

Daily Mail  

Problems: Chancellor Jeremy Hunt Hopes of a tax-cutting Budget have been hit by a recent jump in Government borrowing costs that threatens to blow a hole in the public finances. Chancellor Jeremy Hunt was in line for £30 billion more than forecast in the Autumn Statement three months ago due to falling energy prices, a stronger economy and lower debt …

George Osborne urges Jeremy Hunt to cut business taxes
1 year, 10 months ago

George Osborne urges Jeremy Hunt to cut business taxes

The Telegraph  

Jeremy Hunt should cut business taxes at next month’s budget to boost the economy, George Osborne has suggested. The former chancellor warned that the historically high burden on industry risked putting companies off investing in Britain. He referenced pharmaceutical firm AstraZeneca, which has decided to build its new vaccine factory in Ireland because of the UK’s high levies. “Of course …

How Britain can scrap £24bn of tax rises and still avoid a recession
1 year, 11 months ago

How Britain can scrap £24bn of tax rises and still avoid a recession

The Telegraph  

But will the unexpected uptick pave the way for Rishi Sunak – who has so far styled himself as a cautious economic firefighter – to transform the political narrative and unravel his government’s punitive £24bn tax rises? “To support families through this tough patch, we will provide an average of £3,500 support for every household over this year and next …

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 …

Autumn Budget: Britons react to tax rises and service cuts after Jeremy Hunt's announcement
2 years, 1 month ago

Autumn Budget: Britons react to tax rises and service cuts after Jeremy Hunt's announcement

Daily Mail  

Beleaguered Britons face tax hikes and cuts to services after Chancellor Jeremy Hunt's extraordinary emergency Budget unveiled today. Amelia Welford, 24, and Jordan Sykes, 23, are parents to six-month-old Blossom, and have not put the heating on this year due to their sky high energy bills NAME: Amelia Welford and Jordan Sykes AGE: 24 and 23 HOME: Redcar, North Yorkshire …

Jeremy 'Scrooge' Hunt warns he will make 'horrible' decisions on tax and spending to save Christmas
2 years, 1 month ago

Jeremy 'Scrooge' Hunt warns he will make 'horrible' decisions on tax and spending to save Christmas

Daily Mail  

Jeremy Hunt warned Britons they are 'all going to be paying a bit more tax' after Thursday as he tries to rescue to the economy. The UK economy shrank by 0.2 per cent in the second quarter of the year, according to the ONS Chancellor Jeremy Hunt is on the hunt for tax as the 45p tax rate set to …

Jeremy Hunt set to launch capital gains tax raid
2 years, 1 month ago

Jeremy Hunt set to launch capital gains tax raid

The Telegraph  

On Thursday Mr Hunt acknowledged the hardships being faced: "Today's news is going to be very tough for families with mortgages up and down the country, for businesses with loans. Mr Hunt is looking at raising the dividend tax rate and a cut to the tax-free dividend allowance in a £1bn-a-year tax raid on pensioners, business owners and the self-employed. …

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 …

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 …

Tax rises needed to fill £130bn Covid black hole, Chancellor told
4 years, 6 months ago

Tax rises needed to fill £130bn Covid black hole, Chancellor told

The Telegraph  

The Chancellor will need to raise taxes to stop Britain’s debt pile spiraling out of control as the legacy of Covid-19 leaves a £130bn hole in the public finances for years, the Institute for Fiscal Studies has warned. Persistent weakness in the economy will leave government borrowing at £158bn next year, and about £130bn until as late as 2024-25, according …

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