Taxes will increase for everyone, says Jeremy Hunt

Web Desk

13th Nov, 2022. 06:39 pm
Share
- Listen
- Font size
  - Small
  - Medium
  - Large
- Dark Mode
- Save
- Print

Articles

Jeremy Hunt says everyone will have to pay more tax.
Shadow chancellor accuses Conservatives of making a ‘total mess’ of the economy.
Chancellor expected to unveil spending cuts and tax revenue raising measures.

According to plans expected to be revealed on Thursday, everyone would have to pay more tax, according to Chancellor Jeremy Hunt.

Speaking to the media, he said: “I’ve been explicit that taxes are going to go up.”

He also confirmed he would be giving details about further support for people struggling with energy bills, but warned there had to be constraints on help.

Labor accused the Conservatives of making a “total mess” of the economy.

Shadow chancellor Rachel Reeves said Mr. Hunt was choosing to tax working people, while doing “little to close tax loopholes which mean some of the wealthiest don’t pay their fair share”.

Just a few days prior to presenting his tax and spending plans to Parliament as part of the Autumn Statement, Mr. Hunt was speaking to the media.

The chancellor is expected to unveil spending reductions of roughly £35 billion as well as tax revenue raising measures, according to the media.

The UK is currently dealing with significant economic difficulties, including rising living expenses and a warning from the Bank of England that the nation is experiencing its deepest recession since records have been kept.

It also comes after the mini-Budget of the previous prime minister, Liz Truss, and her chancellor, Kwasi Kwarteng, which caused market unrest and a rise in borrowing costs for the government. Mr. Hunt has since changed many of those policies.

According to independent projections, the state finances have a shortfall of about £55 billion, while other economists have questioned the severity of the “black hole.”

Taxes will increase for everyone, says Jeremy Hunt

Web Desk

Articles