"Hunt to drop most of Kwarteng’s fiscal plans
Jim Pickard in London
Jeremy Hunt, in his first full day as UK chancellor, confirmed on that he will drop most of the tax measures in the disastrous fiscal statement of September 23 — apart from a £13bn cut to national insurance and £1.5bn in stamp duty changes.
Corporation tax will now rise from 19p to 25p and a cut to the lower rate of income tax of 1 percentage point April will be delayed.
The government will reverse plans to cut dividend taxes, make payroll reform, a freeze in alcohol duty and introduce a VAT-free shopping scheme for overseas visitors.
“We will reverse almost all the tax measures that were in the growth plan,” he said on Monday in a televised address. “At a time when markets are rightly demanding a commitment to sustainable finances it is not right to borrow to fund this.”
Jim Pickard in London
Jeremy Hunt, in his first full day as UK chancellor, confirmed on that he will drop most of the tax measures in the disastrous fiscal statement of September 23 — apart from a £13bn cut to national insurance and £1.5bn in stamp duty changes.
Corporation tax will now rise from 19p to 25p and a cut to the lower rate of income tax of 1 percentage point April will be delayed.
The government will reverse plans to cut dividend taxes, make payroll reform, a freeze in alcohol duty and introduce a VAT-free shopping scheme for overseas visitors.
“We will reverse almost all the tax measures that were in the growth plan,” he said on Monday in a televised address. “At a time when markets are rightly demanding a commitment to sustainable finances it is not right to borrow to fund this.”
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