The Chancellor’s economic plan has now removed the intention to cut the basic rate of income tax to 19p, and said that it will remain unchanged at 20p “indefinitely”.
PA video grab image of Chancellor Jeremy Hunt speaking to the nation from the Treasury in London, during an emergency statement as he confirmed he is ditching many of the measures in the mini-budget, including the planned cut to income tax. Picture date: Monday October 17, 2022. PA Photo. See PA story POLITICS Tory .
The Resolution Foundation think tank said that the reversal of 60 per cent of the mini-budget’s tax cuts will now see the typical household lose around £1,000 due to personal tax cuts and benefit changes, some £220 more than when the fiscal plan was announced.
“All departments will need to redouble their efforts to find savings, and some areas of spending will need to be cut.” Downing Street today dismissed suggestions that these would have to be scaled back, due to previous concerns that dozens of investment zones could be a liability to the Treasury as they see falling tax receipts from businesses.
“This is the moment for clarity, stability and shoring up commitments that protect the most vulnerable, across the whole country, whilst the wealthiest should step up – we are yet to see such assurances”.
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