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Hunt declines to guarantee tax cuts but insists burden will go down under Tories

17 May 2024 3 minute read
Chancellor Jeremy Hunt. Photo Aaron Chown/PA Wire

Jeremy Hunt has declined to give a “cast-iron guarantee” of tax cuts, while insisting the tax burden would go down under a future Conservative government.

He also claimed Labour’s economic plans would lead to tax rises and accused the Opposition of attempting to scare pensioners with lies about national insurance.

Following a speech in London in which he sought to draw dividing lines between the two main political parties, the Chancellor was asked if he could guarantee that taxes will fall.

He said: “If you’re saying can I look into a crystal ball and predict what is going to happen in the world in the next five or 10 years, and therefore give you a cast-iron guarantee of when we will be able to reduce the tax burden and to what level, the answer is of course I can’t, and it would be irresponsible to do so.”

Tax cuts

But he also signalled a desire to cut taxes further in the autumn, following the 2p cut to national insurance at the spring budget, and to scrap national insurance altogether in the future.

“If we can afford to go further responsibly to reduce the double tax on work this autumn that is what I will do,” he said.

“Because over time we make no apology for wanting to keep cutting the double tax on work until it is gone, but only when we can do so without increasing borrowing and without cutting funding for public services or pensions.”

Mr Hunt also hit out at Labour’s claims that scrapping national insurance would mean a £46 billion funding gap, and lead to higher taxes on pensioners, telling the audience: “Frankly it is a lie.”

He added: “I don’t make any bones about it. It is fake news and it is an absolute disgrace to try and win this election by scaring pensioners about a policy that is not true.”

‘Desperate’

A Labour spokesperson said the speech was “another desperate attempt by the Tories to deflect from their £46 billion unfunded tax plan that could lead to higher borrowing, higher taxes on pensioners or the end of the state pension as we know it”.

They added: “All of Labour’s policies are fully costed and fully funded. Unlike the Conservatives who crashed the economy, Labour will never play fast and loose with the public finances.

“Jeremy Hunt would be better spent getting Rishi Sunak to confirm the date of the election, rather than putting out any more of these dodgy dossiers.”


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Mab Meirion
Mab Meirion
1 month ago

Him and Sunak, what a pair of con-men, @Slash, Burn and Pillage UK…

Linda Jones
Linda Jones
1 month ago

I suspect people are more interested in plans to restore our infrastructure following its destruction by the tories. Nothing works

Jeff
Jeff
1 month ago

Highest tax burden since ever and still gonna cost for the next few generations because of this lot.

I am not sure he understand that his party has put taxes up and set in motion massive costs to the UK tax payer (not the ones that have the money to legally avoid taxes, the ones that actually pay a big chunk towards the UK, the ones that cannot afford it).

This is desperation now. Its school yard “you smell”.

Richard Davies
Richard Davies
1 month ago

jeremy hunt is a bare-faced liar!

Pensioners do not pay national insurance on their pensions but do pay income tax, so their tax burden isn’t going down! Quite the reverse really because the thresholds have been frozen between 2021 and (until) 2026!

https://www.gov.uk/government/publications/rates-and-allowances-income-tax/income-tax-rates-and-allowances-current-and-past

https://www.gov.uk/government/publications/income-tax-personal-allowance-and-the-basic-rate-limit-from-6-april-2022-to-5-april-2026/income-tax-personal-allowance-and-the-basic-rate-limit-from-6-april-2022-to-5-april-2026

Neil Anderson
Neil Anderson
1 month ago

The saddest thing is that all this austerity-plus-benefits-to-the-rich is completely unnecessary. Tax reform (see Murphy/Tax Research UK) could net £100b annually by redistributing tax on to those who pay too little with minimal impact on them. The direction of policy – high interest rates, national debt repayments, real income and benefit cut – is entirely wrong. Hunt + Reeves please note. Our national economies are being strangled from within! Tories out! Labour out! Unionists out! Cymru rydd!

Dai Ponty
Dai Ponty
1 month ago

This cretin has a very SMARY SNIEDY SMILE he destroyed the N H S and now the country and says he wants to get rid of N I which pays for state pension and the N H S you can work out what the Tories want to do get rid of both

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