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UK welfare budget could be cut to pave way for tax cuts, says Jeremy Hunt
(www.theguardian.com)
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this post was submitted on 30 Sep 2023
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This is the best summary I could come up with:
Though Jeremy Hunt said the government was “not in a position” to contemplate a decrease in tax immediately, he warned that the welfare budget could be hit further down the line to foot the bill.
The welfare system has to be a “mix of carrot and stick”, with more assistance required to help people find work given there is “no shortage of jobs”, he added.
His comments came ahead of the Conservative party conference, starting on Sunday, and after it was revealed that the UK economy grew faster than had first been thought between January and March this year.
There is no shortage of senior Tory figures urging the chancellor to announce tax cuts, including former prime minister Liz Truss, one of several expected to speak out against current taxation levels during the conference.
Truss’s mini-budget 12 months ago, delivered by her then chancellor Kwasi Kwarteng, sent the value of the pound tumbling and mortgage rates soaring due to the market’s adverse reaction to its £45bn of unfunded tax cuts.
With a general election expected in 2024, the chancellor could use his spring budget to unveil tax cuts ahead of the next Tory manifesto being published.
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