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UK finance minister unveils tax cut plans to spark economic revival

UK finance minister unveils tax cut plans to spark economic revival

Posted on November 24, 2023   |  

Finance Minister Jeremy Hunt is set to announce tax cuts for businesses and potential relief for voters to jumpstart the UK's sluggish economy ahead of an expected election.

Hunt's plan includes a £20 billion ($25 billion) annual boost to business investment over the next decade, tax reductions, and initiatives to increase employment.

Additional measures aim to enhance investment in high-growth industries, reduce bureaucratic hurdles, decrease national debt, and bring down inflation from 4.6% to 2%.

Hunt proposes cutting national insurance rates for around 28 million people and making tax incentives for business investment a permanent feature.

Despite increased pressure on public finances due to extensive spending during the energy crisis and the COVID pandemic, Hunt faces the challenge of meeting his goal to reduce Britain's debt burden in the next five years.

The economic outlook is expected to worsen, prompting potential revisions to growth predictions, influenced by factors such as high inflation, labor shortages, and post-Brexit impacts. 



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