Jeremy Hunt's Spring Budget: What we know and the announcements to look for - including energy bills, benefits, childcare and more
Chancellor Jeremy Hunt will deliver his Spring Budget this Wednesday as the cost of living crisis continues to place pressure on household finances.
Ahead of the budget, Mr Hunt said he makes “absolutely no apology” for taking a responsible approach to the public finances. The chancellor has played down the prospect of major tax cuts in his plans, which could anger some Tory MPs. Mr Hunt is now widely expected to announce an extension to the Energy Price Guarantee cap at £2,500 for an additional three months, according to the Times. The newspaper reported that the scheme will help 'bridge' the gap as companies wait for wholesale prices to fall below the energy price cap in July.
Energy Security Secretary Grant Shapps said: "Charging prepayment meter customers more to receive their energy is a tax on some of our most vulnerable - this change will stop that." “That is why our plan to reduce inflation is so critical. Inflation, as Margaret Thatcher described it, is the worst tax of all. Inflation is a regressive tax and at the moment that is what is causing everyone the problem, so actually it is right we focus on reducing inflation."
Mr Hunt has been under pressure from a number of senior Tories MPs to pause the planned rise in corporation tax, which is due to increase from 19 per cent to 25 per cent in April. Speaking on Sunday morning broadcast shows, Mr Hunt said: “Within the bounds of what is responsible, we will always look to reduce the tax burden.
“We have spent more than £20 billion over the past five years to support families with the cost of childcare, and the number of places available in England has remained stable since 2015, with thousands of parents benefiting from this.” Boosting workforce with a 'back to work' budget It has already been confirmed that Universal Credit will receive some big changes in the new tax year, including a 10.1 per cent increase in payments. However, further big changes will be outlined in the Spring Budget as the government hones in on getting hundreds of thousands of people into work with a 'back to work' budget.
The chancellor will also set out plans to encourage over-50s to return to work through an expansion of skills training. Will the pensions cap be increased? Mr Hunt could announce a significant rise to the pensions allowance in a bid to prevent workers from taking early retirement. A report from the Guardian, citing Whitehall sources, noted that middle-class professionals such as doctors are often forced into an early retirement because they face higher taxes on their pensions.
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Jeremy Hunt to lay out Budget plans to get sick and disabled back to work\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Læs mere »
Five things to look out for in Jeremy Hunt’s Budget\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Læs mere »
Jeremy Hunt piles pressure on BBC to restore ‘confidence in impartiality’ in Gary Lineker rowJeremy Hunt has increased pressure on the BBC to ensure it upholds its reputation for “impartiality” over the suspension of Gary Lineker
Læs mere »
Silicon Valley Bank collapse: UK tech firms at 'serious risk' from failure, warns Chancellor Jeremy HuntJeremy Hunt tells Sky News he has been holding talks over the weekend with Rishi Sunak and the central bank's governor Andrew Bailey , and says they are 'absolutely determined' to do everything they can to support businesses impacted.
Læs mere »
Childcare: I'll cut costs to boost workforce, says Chancellor Jeremy HuntThe chancellor says the government can make a 'big difference', ahead of Wednesday's Budget.
Læs mere »
Jeremy Hunt makes ‘no apology’ & tells business to wait for tax cutsJEREMY HUNT has said he makes “absolutely no apology” as he tells businesses to wait for tax cuts as he gears up for the Budget. The Chancellor, 56, has faced pressure from senior Conservatives, in…
Læs mere »