Jeremy Hunt eyes raid on pensions and council tax hikes to plug £60bn fiscal black hole 🔴 HugoGye has the story.
The Treasury will this week submit plans to cut the deficit by as much as £60bn – more than previously thought necessary – to the UK’s budget watchdog,Autumn StatementBut the Chancellor is also under pressure from senior Conservatives to limit public spending cuts as much as possible.
The Treasury’s draft fiscal plans will be sent to the Office for Budget Responsibility early this week to allow the watchdog to base its forecasts of the public finances on the Government’s new policies., while increasing the overall tax burden by as much as £25bn, according to sources close to the Chancellor.
That is a more drastic level of fiscal tightening than previously expected, with the balance shifting towards spending reductions rather than a 50/50 split.
The Government is expected to launch a raid on pensions, including limiting the amount of tax relief that workers can claim for the money they put into their pension pots, and freezing the “lifetime allowance” which determines the maximum level of tax-free saving. Ministers are also considering scrapping the current limit on how much local authorities can increase council tax each year, allowing each council to raise more revenue locally to make up for a smaller budget allocated by central government.
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