Chancellor declares yesterday's package is just the beginning
Jeremy Hunt, the Chancellor, has announced that more tax cuts are on the way following the recent package of measures unveiled in the Autumn Statement. Hunt stated that yesterday's announcement was just the "start" and that further relief can be expected in the next spring Budget. The move comes as the government aims to secure vote-winning policies ahead of the upcoming election.
Biggest tax cuts since the 1980s
Hunt claims that the tax cuts outlined in the Autumn Statement represent the most significant set of tax reductions since the 1980s. The measures include a reduction in the rate of National Insurance, easing of business taxes, and a freeze on alcohol duty. The Chancellor believes that these cuts will help stimulate the economy, which has been struggling in recent months.
Pressure to go further
Despite the tax cuts announced, many Conservative MPs are urging Hunt to go even further. Economists have warned that the overall tax burden in the country is still at a record high. There are calls for tax thresholds to be unfrozen to prevent millions of workers from being pushed into higher tax brackets.
Tax cuts prioritized over public services
Hunt defended his decision to prioritize tax cuts over increased funding for public services. He argued that lower taxes are essential for promoting economic growth. The Chancellor acknowledged that taxes have increased in recent years to fund Covid-related measures such as the furlough scheme.
No election ploy
Hunt dismissed speculation that yesterday's tax cuts were strategically timed to appeal to voters ahead of the expected election next year. He denied having any discussions with the Prime Minister regarding the election date and described the speculation as "silly".
Spring Budget may bring further cuts
The Spring Budget, likely to be the last chance for major giveaways before the election, could see additional tax cuts. Income tax and inheritance tax reductions are among the measures widely expected to be introduced.
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