Jeremy Hunt has announced U-turns on several of Liz Truss’s economic plans 🔎 So, what does it all mean for your money? ⬇️ gracegausden93 explains
The Government will no longer continue with the new VAT-free shopping scheme for non-UK visitors to Britain. Not proceeding with this scheme is worth around £2billion a year, it says.Hunt revealed alcohol duty rates will no longer be frozen from 1 February 2023 as previously announced. By not proceeding with the freeze, it will save approximately £600million a year.The Chancellor has chosen to scrap the plans to repeal the IR35 Reforms, which Kwasi Kwarteng previously announced.
The move was criticised by former self-employed workers who faced higher tax bills rise and contractors who were handed bigger bills from direct employment. One of the main issues that Hunt didn’t address was whether benefits would increase in line with inflation.
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