Ned Simons is politics news editor for HuffPost UK based in London. He can be reached by email at [email protected] or on Twitter @nedsimons.
Conservative backbenchers want to see big tax cuts - but Hunt is struggling to come up with the cash to fund them.
Here, HuffPost UK looks at some of the big announcements to look out for when he gets to his feet a lunchtime tomorrow.Legislation will be rushed through parliament so it takes effect from April, meaning voters will see the impact in their pay packets as soon as possible.Combined with the previous NI cut, the government will argue it has cut taxes by £900 for the average worker.
Hunt increased the tax in November 2022 from 25% rate to 35%, and also extended it until 2028 while expanding it to electricity generators with a levy of 45%Hunt is reportedly considering stealing one of Labour’s key pledges and scrapping the non-dom tax status enjoyed by wealthy foreigners based in the UK.The Conservatives have long defended the special tax status by insisting it ensures the UK remains an attractive place for wealthy people to live and invest.
But if Hunt uses the money to pay for tax cuts at the Budget, Labour would either have to find the money to pay for its pledges elsewhere or oppose the cut in taxes., with higher rates for products with more nicotine. Vape products are currently subject to VAT but do not have a dedicated levy. Sunak has made the phasing out of smoking one of his headline policies. So according to the The Guardian the new tax could be matched with a one-off increase in tobacco duty to ensure vaping remains cheaper than smoking.House Of Lords Inflicts 5 Defeats On Rishi Sunak’s Rwanda BillSign up and we will email you daily with the best of our political and news coverage while also giving you a taste of our most-popular lifestyle, opinion and personal blogs.
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