{"id":1651,"date":"2024-03-03T16:58:37","date_gmt":"2024-03-03T16:58:37","guid":{"rendered":"https:\/\/260web.com\/news\/i-will-only-cut-taxes-in-responsible-way-hunt\/"},"modified":"2024-03-03T16:58:37","modified_gmt":"2024-03-03T16:58:37","slug":"i-will-only-cut-taxes-in-responsible-way-hunt","status":"publish","type":"post","link":"https:\/\/260web.com\/news\/i-will-only-cut-taxes-in-responsible-way-hunt\/","title":{"rendered":"I will only cut taxes in responsible way – Hunt"},"content":{"rendered":"

I will only cut taxes in responsible way – Hunt<\/p>\n

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By Becky Morton & Laura Kuenssberg<\/div>\n
BBC Politics<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Chancellor Jeremy Hunt has said he wants to move towards lower taxes, but will only do so in “a responsible way”. <\/b><\/p>\n<\/div>\n<\/div>\n

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He told the BBC it would be “unconservative” to cut taxes by increasing borrowing. <\/p>\n<\/div>\n<\/div>\n

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Mr Hunt is under pressure from some Tory MPs to reduce taxes in Wednesday’s Budget, ahead of an election which must be held by the end of January. <\/p>\n<\/div>\n<\/div>\n

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A further cut to National Insurance is believed to be among the measures being considered by the chancellor.<\/p>\n<\/div>\n<\/div>\n

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In an interview with the BBC’s Sunday with Laura Kuenssberg programme, Mr Hunt said the Budget, when the government sets out its plans for tax and spending, would be about “long-term growth”. <\/p>\n<\/div>\n<\/div>\n

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He said he also hoped to “show a path” towards a lower-tax economy. <\/p>\n<\/div>\n<\/div>\n

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“We’ve been very consistent, that we would only cut taxes in a way that was responsible and prudent,” he said. <\/p>\n<\/div>\n<\/div>\n

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“The most unconservative thing I could do would be to cut taxes by increasing borrowing.”<\/p>\n<\/div>\n<\/div>\n

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  • Tories need a Budget bounce but can Hunt deliver?<\/li>\n
  • Faisal Islam: Why this won’t be the Budget that Jeremy Hunt wanted<\/li>\n
  • When is the Budget and what will it mean for my money?<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n
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    Overall the amount of tax people pay is still on course to reach record levels, despite the main rate of National Insurance being cut from 12% to 10% in last year’s Autumn Statement. <\/p>\n<\/div>\n<\/div>\n

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    Mr Hunt has repeatedly hinted that he wants to reduce taxes further in the Budget but in recent weeks he has suggested there is likely to be less scope for this than he had hoped. <\/p>\n<\/div>\n<\/div>\n

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    With only 72 hours until the Budget, Mr Hunt was firmly in the damping down expectations mode.<\/p>\n<\/div>\n<\/div>\n

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    At the start of this year, the government’s independent economic forecaster, the Office for Budget Responsibility (OBR), had estimated the chancellor had about \u00a330bn of “headroom” to spend in the Budget, after borrowing costs fell sharply.<\/p>\n<\/div>\n<\/div>\n

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    Since then, borrowing costs have begun to rise again and by the middle of last month, the BBC understands the figure was back to its November level of roughly \u00a313bn.<\/p>\n<\/div>\n<\/div>\n

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    With the government’s spending rules and the OBR breathing down his neck on one side, and the Tory backbenches who want the historically high taxes cut, it is not a comfortable position. <\/p>\n<\/div>\n<\/div>\n

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    However, there is wide expectation at Westminster that he will reduce some taxes, even if the moves are not significant. <\/p>\n<\/div>\n<\/div>\n

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