Budget 2024: Jeremy Hunt To Cut National Insurance Again In Bid To Avoid Tory Wipeout

The chancellor will unveil the move as part of a “Budget for long-term growth” that he hopes will turn around the Conservative’s miserable poll numbers with speculation mounting the voters could go to the polls in May.But he has ruled out the cuts to income tax demanded by Tory MPs and thought to be favoured byTreasury officials say that taken together, the two reductions in national insurance will leave an average earner around £900 better off.

“Of course, interest rates remain high as we bring down inflation. But because of the progress we’ve made because we are delivering on the prime minister’s economic priorities we can now help families with permanent cuts in taxation. Hunt is expected to scrap the “non-dom” tax status enjoyed by wealthy foreigners living in the UK in a move which could raise up to £3.2 billion, while he is also set to extend the windfall tax on the profits of oil and gas firms.Hunt is expected to extend the 5p cut in fuel duty, first announced by Sunak in 2022 when he was still chancellor, at a cost of £5bn to the Treasury.

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Jeremy Hunt Promises Tax Cuts Ahead of Budget AnnouncementJeremy Hunt pledges to provide 'permanent cuts' in tax to support families. The chancellor is expected to announce a 2p reduction to national insurance (NI) and extend the freeze on fuel duty. Other considerations include a new levy on vaping products, help for first time buyers, a tax on air passenger duty for business class travel, and cutting back on departmental spending. Labour criticizes the measures, stating that they won't be enough to undo the economic damage of the past decade.
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