Britain’s chancellor is eyeing up day-to-day spending by government departments. But after a decade of squeezes and pandemic-related backlogs there is little fat to trim
Save time by listening to our audio articles as you multitaskStart with the easy stuff. Mr Hunt has already cancelled a swathe of tax cuts attempted by his predecessor, Kwasi Kwarteng. Corporation tax for the most profitable companies will rise to 25% after all; the basic rate of income tax will stay at 20%; and a duty-free shopping scheme will be axed. That adds up to around £30bn of revenue in 2026-27.
Mr Hunt is eyeing up day-to-day spending by government departments, as each 3% cut in non-investment spending outside health and defence would save around £7bn. But after a decade of squeezes and pandemic-related backlogs there is little fat to trim. Nick Davies of the Institute for Government, a think-tank, notes that even based on current plans, most departments had little hope of returning to pre-pandemic performance levels by 2024-25.
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