Trade minister Greg Hands discusses upcoming Budget
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Jeremy Hunt to cut National Insurance from 12% to 10% from January
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Jeremy Hunt will unveil a Budget that will put ￡900 in workers’ pockets this year with another 2p cut to personal taxes. In a bold feelgood move ahead of the general election, the Chancellor will ease family finances after the strains caused by years of global turmoil.
Mr Hunt will reduce National Insurance contributions for the second time in less than six months in his drive to give people back more of what they earn. It is part of the Government’s plan to wean the country off its dependence on high migration levels to secure economic growth.
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The Chancellor will promise an increase in national income that means high living standards for “every family in every corner of the country”.
The King held a pre-Budget audience with the Chancellor (Image: Getty)
“In recent times the UK economy has dealt with a financial crisis, a pandemic and an energy shock caused by a war on the European continent,” Mr Hunt will say.
“Yet despite the most challenging economic headwinds in modern history, under Conservative governments since 2010 growth has been higher than every large European economy - unemployment has halved, absolute poverty has gone down, and there are 800 more people in jobs for every single day we’ve been in office.
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“Of course, interest rates remain high as we bring down inflation. But because of the progress we’ve made because we are delivering on the Prime Minister’s economic priorities we can now help families with permanent cuts in taxation.
“We do this not just to give help where it is needed in challenging times. But because Conservatives know lower tax means higher growth. And higher growth means more opportunity and more prosperity.
“But if we want that growth to lead to higher wages and higher living standards for every family in every corner of the country, it cannot come from unlimited migration. It can only come by building a high wage, high skill economy. Not just higher GDP, but higher GDP per head.
“And that’s the difference with the Labour Party. They will destroy jobs with 70 new burdens on employers, reduce opportunities by halving new apprenticeships and risk family finances with new spending that pushes up tax.
“Instead of going back to square one, our plans mean more investment, more jobs, more productive public services and lower taxes – sticking to our plan in a Budget for Long Term Growth.”
Jeremy Hunt is cutting 2p off National Insurance (Image: Daily Express)
Mr Hunt will use his Budget to set out a plan to build a high-wage, high-skill economy with more productive public services and lower taxes.
He will point to the Government’s success in more than halving inflation from 11 percent to 4 percent and securing a quicker economic recovery from the pandemic than first thought. He will insist debt is on track to fall.
It will be the Chancellor’s last full Budget before the general election must be called, although there could still be a smaller Autumn Statement before voters go to the polls.
Mr Hunt will stress the economy is back on the straight and narrow and warn that Labour would jeopardise the plans if elected to power.
He is expected to say: “An economy based on sound money does not pass on its bills to the next generation. When it comes to borrowing, some believe there is a choice between responsibility and compassion. They are wrong.
“It is only because we responsibly reduced the deficit by 80 percent between 2010 and 2019 that we could generously provide ￡400billion to help families and businesses in the pandemic.
“The Labour Party opposed our plans to reduce the deficit every step of the way. But at least they were consistent.
“The Liberal Democrats supported controlling spending in office, but now want to prop up a party after the election that will turn on the spending taps. It’s the difference between Labour with no plan and the Liberal Democrats with no principles.
“But we say something different.
“With the pandemic behind us, we must once again be responsible and increase our resilience to future shocks. That means bringing down borrowing so we can start to reduce our debt.”
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Mr Hunt cut National Insurance Contributions by two percent in November, saving a worker on a salary of ￡35,000 more than ￡450 a year.
Doubling the reduction means the Government will save a two-income household nearly ￡2,000.
But the move is likely to disappoint older voters hoping for a reduction in income tax after inflation-matching state pension increases that means they will be hit with levies for the first time.
The Chancellor believes there is a “moral duty” to cut taxes but insists he will only do it in a “responsible” way.
He is expected to reform the non-dom tax status that allows foreign nationals who live in the UK, but are officially domiciled overseas, to avoid paying UK tax on their overseas income or capital gains.
It could generate an extra ￡2billion in tax revenues, although economists warn the move could have unforeseen consequences.
Shadow Chancellor Rachel Reeves and Sir Keir Starmer prepare for the Budget statement (Image: Getty)
Mr Hunt has been spending the past few weeks looking for cash to fund a significant cut to personal taxes.
He has looked at new levies in other areas after public spending forecasts were less favourable than previously expected.
Vape users and second-home owners who rent out their properties to tourists are among those likely to lose out in the statement.
Overall departmental spending is currently pencilled in to rise by one percent per year in real terms after 2025, and the Chancellor could reduce this to 0.7 percent.
Unprotected services such as the courts, police and local authorities would be likely to take the brunt of any reduction.
The King held an in-person pre-Budget audience with Mr Hunt at Buckingham Palace on Tuesday.
Charles, who is being treated for cancer, continued with his duties as head of state as usual and the pair were pictured looking jovial at the start of the meeting.
Shadow Chancellor Rachel Reeves said: “This Budget should be the final chapter of 14 years of economic failure under the Conservatives that has left Britain worse off.
“The Conservatives promised to fix the nation’s roof, but instead they have smashed the windows, kicked the door in and are now burning the house down.
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“Taxes are rising, prices are still going up in the shops and we have been hit by recession. Nothing the Chancellor says or does can undo the economic vandalism of the Conservatives over the past decade.
“The country needs change, not another failed Budget or the risk of five more years of Conservative chaos.”
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