Chancellor Jeremy Hunt plans to offer tax cuts to businesses in order to stimulate the economy
Chancellor Jeremy Hunt is considering implementing "priority" tax cuts for businesses as part of an effort to boost the UK economy. With improved public finances providing him with around £20 billion, Hunt hopes to offer a lifeline to companies. He plans to slash levies for firms as part of next week's Autumn Statement.
Long-term growth and capacity of the British economy is a priority
Hunt believes that tax cuts for businesses are essential in order to improve the long-term growth and capacity of the British economy. He states that generating sufficient wealth is necessary to fund public services like the NHS.
Responsibility is key in tax cuts implementation
Hunt acknowledges the importance of responsible decision-making and avoiding any actions that could lead to a rise in inflation. While he aims to bring taxes down, he emphasizes the need to do so in a way that does not fuel inflation.
Possible extensions to existing tax relief schemes
The Chancellor is considering extending a scheme that allows firms to write-off certain investments, such as IT, against their tax liabilities. There is also speculation that inheritance tax may be reduced, and the hospitality industry may receive an extension to business rates relief.
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