Hunt Vows Conservatives Will Cut Taxes If They Win UK Election

Chancellor of the Exchequer Jeremy Hunt will pledge to reduce UK taxes after a looming UK general election if his governing Conservatives come out on top, in a speech Friday in which he’ll also reiterate an ambition to eliminate the country’s national insurance payroll tax.

Bloomberg
First Published17 May 2024, 04:33 AM IST
Hunt Vows Conservatives Will Cut Taxes If They Win UK Election
Hunt Vows Conservatives Will Cut Taxes If They Win UK Election

Chancellor of the Exchequer Jeremy Hunt will pledge to reduce UK taxes after a looming UK general election if his governing Conservatives come out on top, in a speech Friday in which he’ll also reiterate an ambition to eliminate the country’s national insurance payroll tax.

“Taxes will go down under a Conservative government because we will do the hard work necessary to keep our economy competitive,” Hunt will say, according to excerpts briefed by his office. “We know doing so will lead to more growth for the economy and more prosperity for British families.”

With just over eight months at most until the election, the Tories and poll-leading Labour Party are starting to draw electoral battlegrounds. Prime Minister Rishi Sunak began the week by making a speech in which he said the country would be less safe under a Labour government, while Labour leader Keir Starmer on Thursday unveiled a pledge card with six core promises to voters.

Starmer’s six pledges were to boost the economy, cut National Health Service waiting lists, recruit more teachers, tackle crime, invest in green technology and create a new border security unit focused on people-smuggling. There were no promises on tax, though the party has previously pledged not to raise the three main levies — income tax, national insurance and value added tax, if it wins the election. 

That leaves the Tories with little to differentiate themselves on tax, traditionally solid territory for the governing party. However, their branding as the party of low taxes has been damaged in recent years as Sunak and Hunt put the UK tax burden on track to its highest level in 70 years. 

Hunt will accuse Labour of “playground politics” for their criticisms of Tory tax rises brought in this Parliament to pay for pandemic-era policies and subsidies for households facing surging energy prices. 

“Conservatives recognize that whilst those tax rises may have been necessary, they should not be permanent. Labour do not,” Hunt will say. 

After cutting National insurance by 4 percentage points since November, Hunt will also double down on a commitment to eventually eliminate the payroll tax, despite Labour deriding it as an unfunded £46 billion pledge. 

“It is unfair that workers pay two taxes on their income – income tax and national insurance – when other people only pay income tax,” Hunt will say. “Which is why our ultimate aim, when it is affordable to do so, is to keep cutting NICs until it’s gone.”

Most Westminster observers expect the general election in the fall, but in theory, Sunak can wait as late as the end of January to go to the polls.

This article was generated from an automated news agency feed without modifications to text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:17 May 2024, 04:33 AM IST
HomeNewsworldHunt Vows Conservatives Will Cut Taxes If They Win UK Election

Most Active Stocks

Indian Oil Corporation

166.90
03:58 PM | 12 JUL 2024
-7.6 (-4.36%)

Tata Steel

168.70
03:58 PM | 12 JUL 2024
-0.3 (-0.18%)

Bharat Electronics

333.30
03:59 PM | 12 JUL 2024
-2.25 (-0.67%)

Wipro

560.05
03:56 PM | 12 JUL 2024
25.7 (4.81%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

KPIT Technologies

1,864.00
03:57 PM | 12 JUL 2024
154.25 (9.02%)

Inox Wind

171.90
03:59 PM | 12 JUL 2024
13.85 (8.76%)

Zensar Technologies

768.20
03:29 PM | 12 JUL 2024
50.45 (7.03%)

Coforge

5,950.05
03:29 PM | 12 JUL 2024
386.65 (6.95%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,481.00218.00
    Chennai
    73,972.00-727.00
    Delhi
    74,771.00-218.00
    Kolkata
    73,972.00-218.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts