Hunt plans to reduce taxes

Jeremy Hunt, the Chancellor of the Exchequer, has indicated that he will implement additional tax cuts in the upcoming Spring budget. Hunt expressed his desire to reduce levies, stating, "There are lots of taxes I’d like to cut." He aims to decrease the tax burden on working families as soon as possible, following the two per cent reduction in National Insurance contributions for 20 million employees.

Unfreezing income tax rates

Hunt left the possibility open for unfreezing income tax rates, which have resulted in many individuals having to pay more of their income in taxes. While the Conservative Party remains divided on whether to lower inheritance tax, the Chancellor suggested that addressing reductions in take-home pay would be a priority in the March Budget, provided that the country's finances allow for it.

Reducing tax burden over increasing public spending

When faced with the choice between increasing public spending or reducing the tax burden, Hunt stated his preference for the latter. He acknowledged the financial strain that families have experienced in recent years and expressed his commitment to alleviating these pressures through tax cuts.

Economic recovery and the upcoming General Election

Hunt remains optimistic about the Conservative Party's chances in the upcoming General Election, pointing to a significant economic recovery as evidence. He emphasized the importance of maintaining a sensible and prudent approach, which includes reducing taxes on working families, to secure a victory.

Labour's criticism and Hunt's response

The Labour Party has criticized the recent National Insurance reduction, claiming that it provides minimal relief to the average worker. For every £10 collected in taxes, today's cut only returns £2. Hunt defended the government's actions, highlighting their transparency regarding the need to repay pandemic-related debts and support families with electricity bills.

Freezing fuel duty and future battles

Hunt expressed his inclination to freeze fuel duty for the 14th consecutive year. However, he cautioned that the affordability of a 5p cut and an additional 2p freeze is uncertain at this stage. He anticipates potential challenges in this area as decisions are made.