Mon. Jun 17th, 2024
Jeremy Hunt Vows to Break the 'Vicious Circle' of Tax Rises

Jeremy Hunt Vows to Break the ‘Vicious Circle’ of Tax Rises

Jeremy Hunt Vows to Break the ‘Vicious Circle’ of Tax Rises

Chancellor Jeremy Hunt aims to break the cycle of rising taxes

As the Conservative Party conference approaches, Chancellor Jeremy Hunt has made it clear that his focus is on ending what he describes as a “vicious circle of ever-increasing taxes“. This statement comes amid growing demand for tax cuts within the party. More than 30 Conservative MPs, including prominent figures such as Liz Truss and Dame Priti Patel, have pledged not to support any plans that would increase overall taxes.

Despite pressure from some quarters for immediate tax cuts, Mr Hunt insisted he would not consider the idea of tax cuts in the short term. He stressed the need for comprehensive reforms in the public services and benefit system to ensure improvement in their delivery while addressing the demands of the growing population.

Efficiency through technology

Mr Hunt suggested that artificial intelligence and efforts to reduce administrative work for public sector workers could increase service efficiency. He believes that these measures can help in reducing the burden of increasing taxes.

Recent findings from the Institute for Fiscal Studies (IFS) indicate that taxation in the UK has reached its highest point in 70 years, with little chance of reduction. The IFS estimates that taxes could rise by 37% by the next general election, which would equate to an extra £3,500 per household. Paul Johnson, director of the IFS, emphasizes the inevitability of higher taxes due to rising spending on pensions and health care as the population ages.

Tory MPs vow to oppose tax rises

In response to the rising tax burden, a group of Conservative MPs, including prominent figures such as Liz Truss, Dame Priti Patel, Sir Jacob Rees-Mogg, Sir Jake Berry and Sir Brandon Lewis, have voted against any tax increases. They argue that current levels of state spending, borrowing, and taxation are unsustainable, and that tax breaks are needed to stimulate economic growth.

The issue of taxation is set to be a major point of controversy and discussion at the upcoming Conservative Party conference in Manchester. Chancellor Hunt’s stance on long-term reforms over short-term tax cuts underscores the challenge of balancing fiscal responsibility with public demand for relief from the growing tax burden.

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