The British government’s entire financial and economic programme has been ditched by Jeremy Hunt, who has only been the chancellor since Friday.
“We will reverse almost all the tax measures that were in the growth plan,” Hunt announced in a televised address today – something becoming increasingly familiar as Britain’s poly-crisis worsens.
But in fact, he even went further: not just delaying the proposed cut in income tax, but leaving the current 20p basic income tax rate – paid by 26 million people – in place “indefinitely”. The proposed tax cut on dividends (payouts to shareholders) will be cancelled, as will tax cuts for categories of self-employed people and contractors. Alcohol duty cuts will be reversed. This all comes on top of the reversal of the Corporation Tax cut, announced on Friday. Only the previously-announced National Insurance contribution and stamp duty cuts will remain in place.
