Relief for Brits as personal tax cuts are CONFIRMED for Autumn Statement tomorrow in push to grow economy
JEREMY Hunt WILL be “cutting taxes for individuals” tomorrow, his deputy let slip today.
Despite higher than expected borrowing last month, the Chancellor will push on with an expected cut to National Insurance – seemingly confirmed by new Chief Secretary to the Treasury Laura Trott.
In a surprisingly candid interview, the Tory rising star told the BBC: “The economy is in a very different place to where we were a year ago and we can now focus on going for growth, pushing up the growth rate of the economy and cutting taxes for individuals.”
Quizzed on tax cuts, she added: “That is where the focus is. We are now able to talk about this, we are moving to a different stage.”
Mr Hunt will not raise income tax thresholds despite a record tax take — but will instead probably offer a smaller cut to National Insurance.
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The Chancellor has delayed inheritance tax and stamp duty cuts until the spring — but workers’ wallets are likely finally to get a long-overdue break.
Yet the boost pales in comparison to the billions raised by dragging millions more into higher income tax rates.
Mr Sunak said yesterday he could move on to the next phase of the Government’s economic plan — including cutting tax and rewarding hard work — after inflation fell to 4.6 per cent in October.
He told an audience in North London: “We will do this in a serious, responsible way, based on fiscal rules to deliver sound money.
“It will take discipline and we need to prioritise. But over time, we can and we will cut taxes.”
The PM also vowed to clamp down on welfare fraudsters to get more people into work.
His five-point plan also involved having domestic energy security by building nuclear power stations and backing North Sea oil and gas, and renewables. He also vowed to back British business.
Meanwhile, there will be a £12million cash injection to help domestic abuse survivors.
There will be £10million to help them in the workplace. And £2million will help people leave abusive relationships by applying for £500 cash or vouchers through Women’s Aid.
The Sun has campaigned for 20 years on behalf of domestic abuse survivors from campaigns such as Save Our Shelters and Give Me Shelter.