Mzaad

Jeremy Hunt considers inheritance tax cuts and business relief in autumn statement

JEREMY HUNT COULD SQUEEZE THE WELFARE BUDGET WHILE CUTTING INHERITANCE TAX (HANNAH MCKAY/PA)
google news icon

Chancellor Jeremy Hunt will also consider cuts to inheritance and business tax alongside billions of pounds in social security cuts in his Autumn Statement.

Mr Hunt said on Friday that there is a need to “reform our welfare system” as he said the “priority” for Wednesday’s financial announcement is helping firms.

However, although the government is considering reducing inheritance taxes, it will inevitably be criticized because it will support the wealthy who are struggling with high living costs.

Conservative former chancellor Lord Clarke said the move might be pleasing to Conservative MPs seeking tax cuts, but other MPs would find it “appalling”.

Normally, when the Minister increases working age allowances he uses the September inflation rate. This means he will receive an increase of 6.7%. But Mr Hunt did not rule out using a much lower figure of 4.6% for October.

Asked about the possible move in an interview with the BBC, the Chancellor said: “We will always be a compassionate Conservative government but part of how we make our economy successful is by making sure companies like this company can find the staff they need.

“Nearly a million vacancies across the economy, so we do need to reform our welfare system.”

Sources said a decision on the figures is yet to be made.

Ministers have already announced a new crackdown on welfare and are trying to get people back to work under a tougher sanctions regime.

Free prescriptions and legal aid for benefit recipients who are considered fit for work and are not looking for work will be discontinued.


JMG-AD

There are hopes the final forecasts from the Office for Budget Responsibility will give Mr Hunt more “fiscal headroom” than expected to make tax cuts when he receives them on Friday.

Chancery-Solicitors-Ad-banner-v2-updated
LEXPERT SOLICITORS LLP

Next Post

X ad boycott gains momentum amid storm of anti-Semitism

Sat Nov 18 , 2023
Follow us on Google News to get latest news Companies including Apple, Disney, and IBM have suspended advertising on X following a barrage of anti-Semitism on the site. This comes after X owner Elon Musk intensified his anti-Semitic tone on the platform formerly known as Twitter. The boycott movement also […]
X ad boycott gains momentum amid storm of anti-Semitism

You May Like

Subscribe Our Newsletter

Daily Dazzling Dawn is the first and only international and non-profitable newspaper, which is 100% ownership of professional journalists from Bangladeshi origin with 20 years of experience in global journalism. The main aim of the newspaper is promoting ethical journalism with truth, accuracy and proficiency.

Editor in Chief

Dulal Ahmed Chowdhury

Dulal Ahmed Chowdhury is the Editor of The Daily Dazzling Dawn. Previously, he has been serving in important positions in all the famous national dailies of the Bangladesh since the nineties. He has played a commendable role in journalism by participating in various events at the national and international levels. United Nations Conference, World Climate Conference, SAARC Summit are notable among them.

Quick Jump

error: Content is protected !!