News Desk
Mr Hunt has promised ‘permanent cuts in taxation’ that would bring ‘higher growth’.
All eyes are on Jeremy Hunt today as the Chancellor will deliver his Budget in the House of Commons.
The Budget is likely to be the last one before the UK goes to the polls in a general election that Prime Minister Rishi Sunak will take place at some point this year.
Mr Hunt, who has faced pressure from Tory MPs to ease the record-high tax burden, is expected to make a 2p cut to national insurance one of his central pledges.
But plenty more announcements are likely to be made. Stay with us to keep up with them as they’re announced in addition to the latest reaction and analysis.
Here’s the latest:
Will the Chancellor scrap ‘tourism tax’?
Dame Priti Patel has asked Mr Hunt to scrap the tourism tax and reintroduce VAT-free shopping for tourists.
The former home-secretary and the Conservative Party Member for Witham said the move would “give businesses a real boost”, saying the current tax on tourism is making Britain less attractive for tourists.
Writing in the Telegraph, Dame Priti said: “Our country now needs more pro-business measures to secure future growth and with the Budget approaching the Chancellor must consider scrapping the tourism tax and reintroducing VAT-free shopping for foreign visitors.
“Our competitors in Europe have already taken advantage, with France experiencing record levels of tourism spend in 2022 and 2023 as they attract high-spending tourists.
“High-spenders and tourists from the USA, Canada, the Middle East and China are now finding Paris and other European cities a more attractive destination than London and the UK.”
Martin Lewis on what he’s looking for in the Budget
Money Saving Expert Martin Lewis has revealed what he’s looking for when the Chancellor delivers his speech.
What’s Labour saying?
Shadow chancellor Rachel Reeves says Labour is “now the party of economic responsibility” and has accused the Tories of overseeing “fourteen years of economic failure”.
She said: “The Conservatives promised to fix the nation’s roof, but instead they have smashed the windows, kicked the door in and are now burning the house down.
“Taxes are rising, prices are still going up in the shops and we have been hit by recession. Nothing the Chancellor says or does can undo the economic vandalism of the Conservatives over the past decade.”
Labour also said any reductions in the Chancellor’s Budget would be cancelled out by the Government’s continued freeze on tax thresholds, meaning more people are dragged into a higher band as their pay increases.
How are house prices looking going into the Budget?
Annual growth in house prices turned positive for the first time in around a year in February, according to an index.
Across the UK, property values increased by 1.2% annually in February, following a 0.2% fall in January, Nationwide Building Society said.
It marked the first month since January 2023 that Nationwide recorded positive annual growth in house prices. In that month, there was a 1.1% year-on-year increase.
On a month-on-month basis, house prices increased by 0.7% in February, taking the average UK house price to £260,420.
A look at the key numbers, opinion polls and calendar dates before the Budget
When will the Budget be announced?
Chancellor Jeremy Hunt will be on his feet to deliver the Budget at around 12.30pm. His speech will be preceded by Prime Minister’s Questions at midday.
The Office for Budget Responsibility are expected to publish its outlook at around 1.30pm.
9.50am
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