Hunt reverses ‘almost all’ of mini-budget tax cuts & cancels IR35 changes



Hunt reverses ‘almost all’ of mini-budget tax cuts, raising an extra £32bn per year

He says a central responsiblity for any government is economic stability.

No government can control the markets. But every government can give certainty about the sustainability of the public finances.

He says, as well as going ahead with the corporation tax increase, he is announcing other changes.

He is doing so now ahead of a staement to MPs.

We will reverse almost all the tax measures announced in the growth plan three weeks ago that have not [already started the parliamentary process].

He says this includes:

  • Cuts to dividend tax rates
  • The IR35 tax changes
  • VAT-free shopping for tourists
  • The alcohol duty changes
  • Hunt also says the 20% basic rate of tax will remain indefinitely.

He says these measures will raise an extra £32bn per year for the Treasury

Hunt also confirmed that the energy price guarantee, as originally announced, will only last until April.

He says Liz Truss agreed that it would be wrong to make such a long-term spending commitment, when it is unclear what will happen to energy prices in the future.

He says there will then be a review. A more targeted system will then be put in place, he says.

This is the big surprise in today’s announcement. It will probably go down well with the markets. But this cuts the knees under Liz Truss. The only policy that she had left that she was about to take credit for has now gone in the shredder.





Source link


Like it? Share with your friends!

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
Administrator

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube and Vimeo Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format