Jeremy Hunt could scrap pensions triple lock as 'everything on table' to plug £30bn budget black hole
Following the U-turn, Britain is on course to have a tax burden only slightly lower than that before Ms Truss became Prime Minister despite her promise to shrink the size of the state.
Of all the tax cuts announced by the former Chancellor last month, the only significant ones remaining in place are the reduction in national insurance, lower stamp duty and the increase in the annual “investment allowance” for companies to £1m.will remain at 20p indefinitely, Mr Hunt said. Rishi Sunak had originally promised to cut it by 1p in April 2024, and Mr Kwarteng proposed bringing that forward by a year.
The “energy price guarantee”, which fixes the average energy bill at £2,500 a year, will expire in April with a “Treasury-led review” to take place into how to support people after that date. A freeze on alcohol duty, reforms to payroll rules known as IR35, a cut to dividend tax and a scheme allowing VAT-free shopping for foreign tourists have all been abandoned.
Mr Hunt said: “The most important objective for our country right now is stability. Governments cannot eliminate volatility in markets but they can play their part and we will do so, because instability affects the prices of things in shops, the cost of mortgages and the values of pensions.”, the Chancellor is planning to announce his “medium-term fiscal plan” on 31 October, which will be accompanied by a full economic and fiscal forecast from the Office for Budget Responsibility.
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