Capital Economy, Business and Finance
There’s every sign that Jeremy Hunt, in charge of Britain’s finances, is planning a tax cut in Wednesday’s budget. There’s no sign such a cut will alter the broad outlines of British politics in this election year – namely a roughly 20-point poll lead for Labour over the Conservatives, a hard-right Reform party ready to peel votes away from the Tories if they tack too far to the centre, and a Lib Dem rump hoping to mount a raid on traditional Tory strongholds in affluent London exurbs. So it’s unlikely any tax cut Hunt announces will last long. For the record, his aides tell the FT their boss would love to take 2p off national insurance or the basic rate of income tax if he can make a case that it’s “responsible and prudent”, and he’s toying with an increase in air passenger duty and an extended windfall levy on North Sea oil and gas producers to help pay for it. Interestingly, his own Surrey seat is a prime Lib Dem target and the Guardian has found out he’s contributed more than £100,000 of his own money to his local Conservative Association to help it help him cling on as an MP… which he would have to be to stand again for the Tory leadership.
