Hunt confirms 2p cut in national insurance, claiming average personal taxes now at lowest level since 1975
Hunt is now talking about national insurance.
From April employee national insurance will be cut from 10% to 8%, and self-employed NICS from 8% to 6%.
He says, combined with the changes announced in the autumn statement, 27 million people will gain £900. And 2 million self-employed people will gain £650.
He says the OBR says this will put 200,000 more people in work. And it will increase GDP by 0.4%, he says.
He says this will bring personal taxes to their lowest level since 1975.
And he says the Conservatives will continue to keep cutting national insurance.
(There is a big difference between personal taxes and the overall tax burden. In 1975 VAT had only just been introduced, and it was levied at 10%. It is double that rate now.)
“,”elementId”:”88048a92-759a-41c3-9cf2-81bcb62f9c08″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Keir Starmer is now speaking.
“,”elementId”:”4e91e64f-de91-4423-895c-0dc0602c0143″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He starts by referring to the budget as “the last, desperate act of a party that has failed”.
“,”elementId”:”4d4aadfd-4dab-4a90-8314-06e3eb19d756″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709733279000,”blockCreatedOnDisplay”:”08.54 EST”,”blockLastUpdated”:1709733413000,”blockLastUpdatedDisplay”:”08.56 EST”,”blockFirstPublished”:1709733414000,”blockFirstPublishedDisplay”:”08.56 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.56″,”title”:”Starmer describes budget as ‘last, desperate act of party that has failed'”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e873408f08352734534511″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
As Hunt sat down, the Office for Budget Responsibility released its latest assessment of the UK economy – it’s Economic and Fiscal Outlook.
“,”elementId”:”493814ba-1d45-4a3b-9359-ba06b54749a4″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The OBR starts by saying that the UK’s near-term growth prospects have improved, thanks to inflation falling faster than it expected in November. That has led markets to expect a sharper decline in interest rates.
“,”elementId”:”d6907da3-d986-4cbb-956f-dc718ff65c4e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The OBR says:
“,”elementId”:”ed7e0b9b-4b13-44a6-bd78-45884f054e1e”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
This strengthens near-term growth prospects and should enable a faster recovery in living standards from last financial year’s record decline.
\n
“,”elementId”:”4ca352e2-9c58-4922-a549-a99e84906c5a”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1765373913507168357″,”elementId”:”191c6353-7dd5-4cc0-9cc4-ba81c1c6913f”,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/OBR_UK/status/1765373913507168357″,”isThirdPartyTracking”:false,”html”:”
Lower inflation and policies in #Budget2024 help living standards to recover to their pre-pandemic peak two years earlier than expected in our November forecast. pic.twitter.com/IGLKIHxlT8
— Office for Budget Responsibility (@OBR_UK) March 6, 2024
\n\n”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
But the medium-term economic outlook “remains challenging”, the fiscal watchdog warns.
“,”elementId”:”791de86f-f57b-4e36-9345-50c0d861dbcb”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The OBR has lifted its estimate for the current UK population, following the 2021 Census and net migration since then. But, it also sees rising economic inactivity (more people are unable to work due too ill health).
“,”elementId”:”c614274f-425f-47e1-936c-7081a9bb877a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And that means the economy, as a share of the population, is expected to be slightly smaller than expected in November. That means even worse living standards:
“,”elementId”:”0eac9951-e200-4fd1-aaf6-aee1f39f61dd”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The OBR says:
“,”elementId”:”4c17f96d-0c0e-49ff-934b-160070cb3885″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
One of the biggest changes to our economy forecast is an increase in the size and growth of the UK population. But higher and rising levels of inactivity offset its impact on the overall size of the workforce, leaving our forecast for the level of GDP in five years virtually unchanged from the autumn, and the level of GDP per person slightly lower.
\n
“,”elementId”:”e104fc25-af84-493f-98c1-5fa6c3eb30b3″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1765374295365079178″,”elementId”:”58e72308-e254-4015-bbbe-96c636a8e8d1″,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/OBR_UK/status/1765374295365079178″,”isThirdPartyTracking”:false,”html”:”
GDP growth in 2023 was weaker than expected in our November EFO. But lower forecast energy prices and interest rates support slightly stronger growth over the next few years, leaving the level of GDP largely unchanged by 2028 relative to our last forecast.#Budget2024 pic.twitter.com/6MucV5Iiui
— Office for Budget Responsibility (@OBR_UK) March 6, 2024
\n\n”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709732672000,”blockCreatedOnDisplay”:”08.44 EST”,”blockLastUpdated”:1709733208000,”blockLastUpdatedDisplay”:”08.53 EST”,”blockFirstPublished”:1709733208000,”blockFirstPublishedDisplay”:”08.53 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.53″,”title”:”OBR: Medium-term outlook remains challenging”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e872798f08d97cd1fc2653″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Eleanor Laing, the deputy speaker, is now calling a vote on certain budget measures (taxes that come into force tonight) that have to go through as soon as the budget speech is over. Normally this is down by acclamation (government MPs shouting aye), so that the Commons can get on with listening to the opposition’s response. But some MPs have forced a division (by shouting no), and there is a vote.
“,”elementId”:”dee35f08-19df-44bd-82c2-0594554de1fd”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
It seems to have been the SNP who were forcing a division.
“,”elementId”:”dc3af8ec-4c98-4154-80bd-282252671611″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
After the speaker ignored Commons rules in a way that led to MPs not getting a vote on their Gaza motion last month, they have been talking about using more disruptive tactics at Westminster.
“,”elementId”:”5d3d8de0-5c72-49b7-b251-d916ab2681bd”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The division will take about 15 minutes, and then Keir Starmer will get a chance to respond to the budget.
“,”elementId”:”a9f97d93-844e-44c1-82b2-88f138552ebf”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709732473000,”blockCreatedOnDisplay”:”08.41 EST”,”blockLastUpdated”:1709732835000,”blockLastUpdatedDisplay”:”08.47 EST”,”blockFirstPublished”:1709732835000,”blockFirstPublishedDisplay”:”08.47 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.47″,”title”:”Budget debate held up after SNP MPs force surprise vote on its provisions”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e871108f08d97cd1fc2644″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt is now talking about national insurance.
“,”elementId”:”32b0d213-a6cc-47b0-a184-aade6d82fede”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
From April employee national insurance will be cut from 10% to 8%, and self-employed NICS from 8% to 6%.
“,”elementId”:”24d61135-fff0-4bd4-8e46-e9f2c0afb671″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says, combined with the changes announced in the autumn statement, 27 million people will gain £900. And 2 million self-employed people will gain £650.
“,”elementId”:”8499f003-3618-4559-8ea7-bc2ae8933784″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says the OBR says this will put 200,000 more people in work. And it will increase GDP by 0.4%, he says.
“,”elementId”:”cea8a37c-8909-47de-94c3-fd6b9d1d7ccf”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says this will bring personal taxes to their lowest level since 1975.
“,”elementId”:”c1e1afc9-4d9f-43c1-bc42-13027a43dd80″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And he says the Conservatives will continue to keep cutting national insurance.
“,”elementId”:”1d07c665-528a-48fd-abb4-4fa1756c310f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
(There is a big difference between personal taxes and the overall tax burden. In 1975 VAT had only just been introduced, and it was levied at 10%. It is double that rate now.)
“,”elementId”:”d1dedd6e-e089-4212-a22a-86466e6a6197″}],”attributes”:{“pinned”:true,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709732112000,”blockCreatedOnDisplay”:”08.35 EST”,”blockLastUpdated”:1709732465000,”blockLastUpdatedDisplay”:”08.41 EST”,”blockFirstPublished”:1709732465000,”blockFirstPublishedDisplay”:”08.41 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.41″,”title”:”Hunt confirms 2p cut in national insurance, claiming average personal taxes now at lowest level since 1975″,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e870518f083527345344fd”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says he will change the way child benefit is paid.
“,”elementId”:”1595a757-55fc-4cb6-8469-f3a710e41f3b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
At the moment the high income threshold applies to individuals, not households. That will change, he says.
“,”elementId”:”8f45897d-0a45-4554-9def-87d46c5c140f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And he says he is also increasing the higher income threshold. It will go up from £50,000 to £60,000.
“,”elementId”:”6f23a062-8306-4bff-9e64-0950a1c02a6f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He claims that almost half a million families will gain by almost £1,300.
“,”elementId”:”2a191933-70c0-488f-b108-38eed8f7995e”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1765369844914917559″,”elementId”:”f5620ae8-399a-4d52-8d53-8b7907ab2544″,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/hmtreasury/status/1765369844914917559″,”isThirdPartyTracking”:false,”html”:”
We’re increasing the threshold at which parents start paying the High Income Child Benefit Charge, from £50,000 to £60,000.
Making almost half a million families better off by an average of almost £1300 per household. pic.twitter.com/GkFPO0va7p
— HM Treasury (@hmtreasury) March 6, 2024
\n\n”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709731921000,”blockCreatedOnDisplay”:”08.32 EST”,”blockLastUpdated”:1709732103000,”blockLastUpdatedDisplay”:”08.35 EST”,”blockFirstPublished”:1709732103000,”blockFirstPublishedDisplay”:”08.35 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.35″,”title”:”Hunt says 500,00 families will gain almost £1,300 from increase in high income threshold for child benefit”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e86f7e8f08d97cd1fc2637″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt is now talking about abolishing non-dom status.
“,”elementId”:”9af06406-e858-4fb3-a8fa-24777c67f93b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He claims Labour was only interested in this because it was a plan Nigel Lawson originally favoured.
“,”elementId”:”acd3a948-a917-450c-b145-4c5b41342aaa”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He confirms that he will abolish non-dom status. This provokes lots of jeering. Hunt says he aims to please all sides of the house. Eleanor Laing, the deputy speaker, urges MPs to “shout more quietly”.
“,”elementId”:”379688cb-f4cf-4081-b418-09459b42b582″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says there will be a non-dom-style tax status open to people coming to the UK for four years. But after that they will have to pay UK taxes.
“,”elementId”:”48a73707-0c53-4e7e-8ad9-99bf5574a6bc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says this will raise £2.7bn by end of forecast period. Unlike Labour, the Tories will use this to cut taxes, he says.
“,”elementId”:”2bf70185-33b5-4384-ad66-d7847a33e19b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709731710000,”blockCreatedOnDisplay”:”08.28 EST”,”blockLastUpdated”:1709731917000,”blockLastUpdatedDisplay”:”08.31 EST”,”blockFirstPublished”:1709731918000,”blockFirstPublishedDisplay”:”08.31 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.31″,”title”:”Hunt says he will raise £2.7bn by abolishing non-dom status”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e86f2c8f083527345344e6″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says energy companies. Their profits are extending because of the Ukraine war, so Hunt says he will extend the sunset clause in the windfall tax for an additional year, to 2029, raising £1.5bn.
“,”elementId”:”c5b1ae2a-7431-4e65-8a3a-a62e58326283″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709731628000,”blockCreatedOnDisplay”:”08.27 EST”,”blockLastUpdated”:1709731706000,”blockLastUpdatedDisplay”:”08.28 EST”,”blockFirstPublished”:1709731706000,”blockFirstPublishedDisplay”:”08.28 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.28″,”title”:”Hunt says he will raise £1.5bn by extending windfall tax on energy companies”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e86e558f083527345344dd”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says he has been lobbied by MPs representing coastal towns. The tax system for holiday lettings is not working, he says. So he will abolish the furnished holiday lettings relief, he says.
“,”elementId”:”95983cd2-34bf-443b-92e6-5ca7b8a79be2″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709731413000,”blockCreatedOnDisplay”:”08.23 EST”,”blockLastUpdated”:1709731516000,”blockLastUpdatedDisplay”:”08.25 EST”,”blockFirstPublished”:1709731493000,”blockFirstPublishedDisplay”:”08.24 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.24″,”title”:”Hunt says tax relief for holiday lettings will end”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e86e118f08d97cd1fc2627″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt confirms a new tax on vapes.
“,”elementId”:”0f4155db-4ad9-41a0-a3b8-87ba04b52fd3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And there will be a one-off increase in tobacco duties.
“,”elementId”:”c46845b5-c0c3-4ae7-9525-f2a493eb2dfc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
There will be an increase in the tax on non-economy flights, he says.
“,”elementId”:”27257a7c-884b-464c-b87e-de20d52348d9″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709731345000,”blockCreatedOnDisplay”:”08.22 EST”,”blockLastUpdated”:1709731397000,”blockLastUpdatedDisplay”:”08.23 EST”,”blockFirstPublished”:1709731398000,”blockFirstPublishedDisplay”:”08.23 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.23″,”title”:”Hunt confirms new tax on vapes”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e86c528f087fa337ce5524″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says the NHS needs modernisation. Modernising its IT system will cost £3.4bn, he says. But he says this will unlock productivity savings worth 10 times as much. So he will fund it in full, he says.
“,”elementId”:”b58e9fb3-cb37-4fb9-b36d-5a808d2f5ef5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
This will double the NHS investment in digital transformation, he says.
“,”elementId”:”82581091-4029-4d99-b4b9-04ae6091e314″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And it means NHS funding has gone up by 13% in real terms since the start of this parliament, he says.
“,”elementId”:”7063b5ca-06f2-4231-a34f-5f6a8e456508″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He quotes Amanda Pritchard, chief executive of NHS England, saying this will enable the NHS to deliver productivity growth of 1.9% over the next parliament.
“,”elementId”:”24d5f6c2-90c0-4144-bba2-cd3374292c35″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1765365529177444840″,”elementId”:”17b182c2-2e27-461d-aaa8-7aabfe8e836f”,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/hmtreasury/status/1765365529177444840″,”isThirdPartyTracking”:false,”html”:”
We're improving NHS productivity with £3.4bn investment, which could help save £35bn by 2030:
✔️expanding AI use for quicker cancer diagnosis
✔ cutting admin & freeing up capacity
✔ transforming access and services for patientsSo clinicians can focus on delivering care. pic.twitter.com/4FvOOwhiim
— HM Treasury (@hmtreasury) March 6, 2024
\n\n”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709730898000,”blockCreatedOnDisplay”:”08.14 EST”,”blockLastUpdated”:1709731100000,”blockLastUpdatedDisplay”:”08.18 EST”,”blockFirstPublished”:1709731100000,”blockFirstPublishedDisplay”:”08.18 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.18″,”title”:”Hunt announces £3.4bn plan to modernise NHS’s IT system”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e86b3a8f08d97cd1fc260b”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt is now turning to public services.
“,”elementId”:”dc04e878-232d-498b-b820-43de5d16cc6c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
There a particularly loud bout of heckling. Eleanor Laing, the deputy speaker, complains that was out of order.
“,”elementId”:”bad806ed-0aa4-491a-b3d5-2ea60eca1fd1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says violent crime is down and he says the armed forces are the best in Europe. Defence spending will go up to 2.5% of GDP as soon as economic circumstances allow.
“,”elementId”:”13943c35-4875-4884-9e6f-460072b43d20″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says the number of doctors and nurses in the NHS has risen.
“,”elementId”:”a5a4f662-6664-46a8-83a1-194d66e2f66f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
But, although spending has risen, public sector productivity remains below pre-pandemic level. That show money is not the solution, he says. He says we need a more productive state, not a bigger state.
“,”elementId”:”396213f6-61b4-4b78-ab48-e60234e32f4b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says the government will maintain the plan to increase public spending by 1% in real terms set out in the autumn statement – but the government will “spend it better”, he says.
“,”elementId”:”7cc28da7-1a9c-43a5-96ca-0c84b5391269″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
There had been reports he would cut this to 0.75%.
“,”elementId”:”1d9c0568-b078-41c6-ac08-931828e1dba9″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709730618000,”blockCreatedOnDisplay”:”08.10 EST”,”blockLastUpdated”:1709730926000,”blockLastUpdatedDisplay”:”08.15 EST”,”blockFirstPublished”:1709730894000,”blockFirstPublishedDisplay”:”08.14 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.14″,”title”:”Hunt says he will maintain plan to increase future public spending by 1%”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e868b18f087fa337ce54e9″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt claims the UK is on track to become the world’s next Silicon Valley.
“,”elementId”:”325b538c-ad15-47fd-9e8c-311b713d4e14″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says he is wants to change rules for pension funds. They should have to disclose their level of UK equity investment, he says.
“,”elementId”:”20137e07-7c22-46a9-aa49-8d70e06414c5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And he wants to encourage the development of a new generation of retail investors, he says.
“,”elementId”:”f07af6e9-da31-4715-a0b5-9dca945bb38f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The government will consider ways of making it easier for people to take their pension pots with them when they change jobs.
“,”elementId”:”ae316edf-df53-44b8-9bac-6126d66c1e16″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And the government will introduce a new “British Isa”, allowing investments of £5,000 in British firms. This Isa allowance will be on top of the existing one
“,”elementId”:”08cb5738-6a75-4087-b221-7d56486557d3″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709729970000,”blockCreatedOnDisplay”:”07.59 EST”,”blockLastUpdated”:1709730275000,”blockLastUpdatedDisplay”:”08.04 EST”,”blockFirstPublished”:1709730167000,”blockFirstPublishedDisplay”:”08.02 EST”,”blockFirstPublishedDisplayNoTimezone”:”08.02″,”title”:”Hunt announces plan for new ‘British Isa’ allowing £5,000 investments in UK firms, on top of existing Isa allowance”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e865fe8f087fa337ce54c7″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt is now talking about growth.
“,”elementId”:”50982889-4622-42b3-999e-1aca6b0ac92a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says the OBR expects growth to be 0.8% this year, and 1.9% next year – higher than previously expected.
“,”elementId”:”f5889784-7e5b-4f10-9473-501c8517698d”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709729278000,”blockCreatedOnDisplay”:”07.47 EST”,”blockLastUpdated”:1709729364000,”blockLastUpdatedDisplay”:”07.49 EST”,”blockFirstPublished”:1709729364000,”blockFirstPublishedDisplay”:”07.49 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.49″,”title”:”Hunt says OBR forecasting 0.8% growth this year”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e865778f08352734534460″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt is now reading out the debt figures.
“,”elementId”:”d4693281-0bb6-4074-8b30-7f738f04640e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says it is on track to fall as a percentage of GDP, meeting the fiscal rules.
“,”elementId”:”eeb4f82f-55f5-40e4-a673-66fa563f8712″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And the government is also meeting its rule about having borrowing below 3% of GDP early.
“,”elementId”:”2e991574-82e3-4c4f-9358-6624ea47d2c3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
If Labour decarbonise the electricity grid by 2030, they will not meet these rules, he says.
“,”elementId”:”86b65208-0af4-4100-9f3f-5bca97a76a73″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says Labour claim it will decarbonise in accordance with its fiscal rules. That can only mean tax rises, he says.
“,”elementId”:”6f3af2b8-539e-40d2-aceb-48129ee1eea6″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709729143000,”blockCreatedOnDisplay”:”07.45 EST”,”blockLastUpdated”:1709729297000,”blockLastUpdatedDisplay”:”07.48 EST”,”blockFirstPublished”:1709729275000,”blockFirstPublishedDisplay”:”07.47 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.47″,”title”:”Hunt claims Labour can only implement its energy policy within fiscal rules by raising taxes”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e864d28f08d97cd1fc25b9″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says he will maintain the supposedly “temporary” 5p cut in fuel duty. And he will extend the freeze in fuel duty.
“,”elementId”:”f6c99f60-a510-4483-b425-d15b008a301f”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709728978000,”blockCreatedOnDisplay”:”07.42 EST”,”blockLastUpdated”:1709729088000,”blockLastUpdatedDisplay”:”07.44 EST”,”blockFirstPublished”:1709729005000,”blockFirstPublishedDisplay”:”07.43 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.43″,”title”:”Fuel duty freeze extended”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e864878f08352734534453″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says he will extend the freeze in alcohol duty until February 2025.
“,”elementId”:”d4e25180-201c-45c4-88f6-012df58fb4db”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The government is backing the “great British pub”, he says.
“,”elementId”:”e3e65a2c-bdf9-43cc-85c5-e0409b921c1b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709728903000,”blockCreatedOnDisplay”:”07.41 EST”,”blockLastUpdated”:1709728969000,”blockLastUpdatedDisplay”:”07.42 EST”,”blockFirstPublished”:1709728970000,”blockFirstPublishedDisplay”:”07.42 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.42″,”title”:”Hunt says freeze in alcohol duty being extended until February 2025″,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e863c08f08352734534443″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says households have had £3,400 in economic support.
“,”elementId”:”ebb6f63b-9be7-4139-aaf2-e235d7118fd1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
As a result, real household income is on course to rise, he says.
“,”elementId”:”29c8fa65-0117-4139-99ac-821b9164895e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says he has plans to help those facing debt.
“,”elementId”:”31256723-af08-49d8-b4bd-61ef4e2e4fc1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
For people taking advance loans, he will increase the repayment programme from 12 months to 24 months, he says.
“,”elementId”:”962bf4a5-4a43-4385-ae84-fcd0821d9174″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
For some people a debt relief order will help. But they cost £90, he says. He will abolish that charge.
“,”elementId”:”d819d84c-d58e-4272-808c-488911b44b3f”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709728704000,”blockCreatedOnDisplay”:”07.38 EST”,”blockLastUpdated”:1709728882000,”blockLastUpdatedDisplay”:”07.41 EST”,”blockFirstPublished”:1709728841000,”blockFirstPublishedDisplay”:”07.40 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.40″,”title”:”Hunt announces abolition of £90 charge for a debt relief order”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e863548f0835273453443f”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says Labour’s plans would push up taxes.
“,”elementId”:”c67edb09-d0fd-4889-a942-627ce3b90ffa”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He turns to the forecasts.
“,”elementId”:”52fda8a5-6088-4abe-80db-8e5826e9e3ef”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
First, inflation.
“,”elementId”:”fa11d33c-f69d-4ced-8e30-eba570881ad3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
It was 11% when he and Rishi Sunak took office.
“,”elementId”:”0372835c-f03b-4920-939c-849f2755a414″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The latest figures show it at 4%, and the OBR forecasts show it falling below the 2% target in just a few months time – a year earlier than forecast in the autumn statement.
“,”elementId”:”871237bb-ad3c-447c-ab5a-8c26e8904544″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709728596000,”blockCreatedOnDisplay”:”07.36 EST”,”blockLastUpdated”:1709728698000,”blockLastUpdatedDisplay”:”07.38 EST”,”blockFirstPublished”:1709728698000,”blockFirstPublishedDisplay”:”07.38 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.38″,”title”:”Hunt says OBR expects inflation to fall below 2% within months”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e862dd8f08d97cd1fc2594″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Hunt says he can now offer permanent cuts in taxation. He is doing this to deliver help in challenging times.
“,”elementId”:”75d60c90-bb3d-4e7c-9b55-5b1cdc9d2955″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
But it is also because “lower taxes mean higher growth”.
“,”elementId”:”d74e1ddb-46c8-4e42-aa7b-bb9986fdb7af”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says higher growth cannot come from more immigration.
“,”elementId”:”d5deec5c-85d7-4f44-9bb8-4cd9cec7ce9b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709728477000,”blockCreatedOnDisplay”:”07.34 EST”,”blockLastUpdated”:1709728587000,”blockLastUpdatedDisplay”:”07.36 EST”,”blockFirstPublished”:1709728587000,”blockFirstPublishedDisplay”:”07.36 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.36″,”title”:”Hunt claims ‘lower taxes mean higher growth'”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e862448f08d97cd1fc257e”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Jeremy Hunt is deliving the budget statement.
“,”elementId”:”978700c8-342b-4660-814c-089845ee04b9″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He starts by saying MPs mourn the loss of life in Israel and Gaza. He starts recalling the Muslims who died in the two world wars. He will allocated £1m for a memorial for them.
“,”elementId”:”9bacdb4b-fca2-4fc8-b486-8695ee4d6ff2″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
He says this is partly in response to a campaign by Sajid Javid.
“,”elementId”:”13a26084-89ab-4a06-ba4a-7e423c5db2e1″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709728324000,”blockCreatedOnDisplay”:”07.32 EST”,”blockLastUpdated”:1709728450000,”blockLastUpdatedDisplay”:”07.34 EST”,”blockFirstPublished”:1709728450000,”blockFirstPublishedDisplay”:”07.34 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.34″,”title”:”Jeremy Hunt delivers budget statement”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e85b3a8f08d97cd1fc24cd”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Rishi Sunak starts with the normal spiel about his engagements including meetings with colleagues. But he will be listening to the budget, he says.
“,”elementId”:”0cff412f-0384-4204-8e9b-b7ab8251443c”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709726522000,”blockCreatedOnDisplay”:”07.02 EST”,”blockLastUpdated”:1709726778000,”blockLastUpdatedDisplay”:”07.06 EST”,”blockFirstPublished”:1709726558000,”blockFirstPublishedDisplay”:”07.02 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.02″,”title”:”PMQs begins”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e85a468f08d97cd1fc24c4″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Kevin Schofield from HuffPost UK has a quote from Douglas Ross saying he will not vote for an extension of the windfall tax. (See 11.54am.) In his story Schofield quotes Ross as saying:
“,”elementId”:”9c543f00-6c03-4254-ad81-21233fb7ad4f”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
The Scottish Conservatives have a clear position. We will always stand up for the livelihoods of the almost 100,000 Scottish workers who depend on our oil and gas industry.
\n
Unlike Labour and the SNP who would stop any new developments, we will not support any action that would put those jobs at risk.
\n
As such, while I support many of the Budget measures, as Scottish Conservative Leader I will not vote for this extension when it is brought before Parliament.
\n
My Scottish Conservative colleagues and I will continue to have robust discussions with the Chancellor on this matter.
\n
“,”elementId”:”a5d7c41e-5035-4724-a8ef-c63301a32cc5″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709726278000,”blockCreatedOnDisplay”:”06.57 EST”,”blockLastUpdated”:1709726477000,”blockLastUpdatedDisplay”:”07.01 EST”,”blockFirstPublished”:1709726477000,”blockFirstPublishedDisplay”:”07.01 EST”,”blockFirstPublishedDisplayNoTimezone”:”07.01″,”title”:”Scottish Tory leader Douglas Ross says he will not vote for budget plan to extend windfall tax on energy firms”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e857828f087fa337ce53b7″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Before the budget we’ve got PMQs. Here is the list of MPs down to ask a question.
“,”elementId”:”5ad48d8d-dcdd-47e9-b702-4fe85ccb419c”},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“height”:”976″,”width”:”1294″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/1294.jpg”},{“index”:1,”fields”:{“isMaster”:”true”,”height”:”976″,”width”:”1294″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg”},{“index”:2,”fields”:{“height”:”754″,”width”:”1000″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/1000.jpg”},{“index”:3,”fields”:{“height”:”377″,”width”:”500″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/500.jpg”},{“index”:4,”fields”:{“height”:”106″,”width”:”140″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/140.jpg”}]},”elementId”:”5328d55f-e8bf-4b72-8981-af4c925e1e71″,”imageSources”:[{“weighting”:”inline”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=620&quality=85&auto=format&fit=max&s=df49e74b4473308d4207f935d7d0baab”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=5a37a95b74d84194ece036132074a6e4″,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=605&quality=85&auto=format&fit=max&s=48122c3b714fc8cd246eab97be5e8757″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=c864f72e241bc67b54785db3d6843314″,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=445&quality=85&auto=format&fit=max&s=8a443d6960c6bd34ccb918fe66e170c8″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=3e0c861e53f8216c401e502602b77400″,”width”:890}]},{“weighting”:”thumbnail”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=140&quality=85&auto=format&fit=max&s=18e3738a166763fb2e2a5cf740394754″,”width”:140},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=140&quality=45&auto=format&fit=max&dpr=2&s=1757bc5b4f9537770543ce015ed9414b”,”width”:280},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=120&quality=85&auto=format&fit=max&s=bbff7f0648ffe22f08cc7bcbe83fcfa7″,”width”:120},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=120&quality=45&auto=format&fit=max&dpr=2&s=3fc3d4fa7e277717910eb03269dc5a12″,”width”:240}]},{“weighting”:”supporting”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=380&quality=85&auto=format&fit=max&s=e770f7e4094acaecebe6f14027164f9e”,”width”:380},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=380&quality=45&auto=format&fit=max&dpr=2&s=a25b3033fbde691803e8196ab0f4995a”,”width”:760},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=300&quality=85&auto=format&fit=max&s=1d569affa71ca70caf4568e97454f70d”,”width”:300},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=300&quality=45&auto=format&fit=max&dpr=2&s=c084ec47d90a31e590db9d53ef570853″,”width”:600},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=620&quality=85&auto=format&fit=max&s=df49e74b4473308d4207f935d7d0baab”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=5a37a95b74d84194ece036132074a6e4″,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=605&quality=85&auto=format&fit=max&s=48122c3b714fc8cd246eab97be5e8757″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=c864f72e241bc67b54785db3d6843314″,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=445&quality=85&auto=format&fit=max&s=8a443d6960c6bd34ccb918fe66e170c8″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=3e0c861e53f8216c401e502602b77400″,”width”:890}]},{“weighting”:”showcase”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=860&quality=85&auto=format&fit=max&s=9f858ead29a11a1475c4c11364b9957e”,”width”:860},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=860&quality=45&auto=format&fit=max&dpr=2&s=cf7e9a33adb4f0a5e03cee5293f8b0c1″,”width”:1720},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=780&quality=85&auto=format&fit=max&s=bf260f0a37736ebbc05891681585e956″,”width”:780},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=780&quality=45&auto=format&fit=max&dpr=2&s=b14805dd0ff4635d900bd64a87a6459b”,”width”:1560},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=620&quality=85&auto=format&fit=max&s=df49e74b4473308d4207f935d7d0baab”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=5a37a95b74d84194ece036132074a6e4″,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=605&quality=85&auto=format&fit=max&s=48122c3b714fc8cd246eab97be5e8757″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=c864f72e241bc67b54785db3d6843314″,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=445&quality=85&auto=format&fit=max&s=8a443d6960c6bd34ccb918fe66e170c8″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=3e0c861e53f8216c401e502602b77400″,”width”:890}]},{“weighting”:”halfwidth”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=620&quality=85&auto=format&fit=max&s=df49e74b4473308d4207f935d7d0baab”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=5a37a95b74d84194ece036132074a6e4″,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=605&quality=85&auto=format&fit=max&s=48122c3b714fc8cd246eab97be5e8757″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=c864f72e241bc67b54785db3d6843314″,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=445&quality=85&auto=format&fit=max&s=8a443d6960c6bd34ccb918fe66e170c8″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=3e0c861e53f8216c401e502602b77400″,”width”:890}]},{“weighting”:”immersive”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=1900&quality=85&auto=format&fit=max&s=1be177953f5ec86203abede28ae2be4a”,”width”:1900},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=1900&quality=45&auto=format&fit=max&dpr=2&s=4648070ebfc8153e3af508ff44b21f2a”,”width”:3800},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=1300&quality=85&auto=format&fit=max&s=e2d36599db22ea4cf1e22e024fc2d5c6″,”width”:1300},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=1300&quality=45&auto=format&fit=max&dpr=2&s=1e512ce0f3b8e9cc62982218ffd35c33″,”width”:2600},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=1140&quality=85&auto=format&fit=max&s=a5b26a2cc4f93023b1c543b1a9cdd0bd”,”width”:1140},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=1140&quality=45&auto=format&fit=max&dpr=2&s=fb0403e74af5b28f50e9cb6d8d99ae7e”,”width”:2280},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=980&quality=85&auto=format&fit=max&s=d8b46bcd45bc2ddddbc64016bb2c6f3d”,”width”:980},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=980&quality=45&auto=format&fit=max&dpr=2&s=6f5429af07eb8a1de4fa663a8ce9558e”,”width”:1960},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=740&quality=85&auto=format&fit=max&s=4f48897456b6f106e49b0fffe469020e”,”width”:740},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=740&quality=45&auto=format&fit=max&dpr=2&s=82cd842f73ef9ca2f5561e24f1c31287″,”width”:1480},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=660&quality=85&auto=format&fit=max&s=90f83aabba625c6e29472cf6ad85229a”,”width”:660},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=660&quality=45&auto=format&fit=max&dpr=2&s=2ffa3e4f234bff6a2fc330dd85837a3b”,”width”:1320},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=480&quality=85&auto=format&fit=max&s=1cbb5157d6b6af376cd67c48a7b1a06d”,”width”:480},{“src”:”https://i.guim.co.uk/img/media/6e7ade923dc33d8e853ba3c917b44422f9aeecb9/0_0_1294_976/master/1294.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=3beb137953ccf8d960684bf4693d2067″,”width”:960}]}],”data”:{“alt”:”PMQs”,”caption”:”PMQs”,”credit”:”Photograph: HoC”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
This is just the list of backbenchers who won the right to ask a question in the ballot, not the full list of MPs who will speak. That’s because the speaker will also choose people not on the list, to ensure questions come in the government/opposition/government/opposition order.
“,”elementId”:”66ec01bd-6329-46cc-81c2-cf566798e554″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
On Monday George Galloway said he would try to get a question in today. Given that Rishi Sunak described Galloway’s win in the Rochdale byelection as “beyond alarming”, he may feel entitled to a right of reply.
“,”elementId”:”fb528143-cf93-4c1f-a2df-acb24fcfcb4a”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709725570000,”blockCreatedOnDisplay”:”06.46 EST”,”blockLastUpdated”:1709725958000,”blockLastUpdatedDisplay”:”06.52 EST”,”blockFirstPublished”:1709725958000,”blockFirstPublishedDisplay”:”06.52 EST”,”blockFirstPublishedDisplayNoTimezone”:”06.52″,”title”:”Rishi Sunak faces Keir Starmer at PMQs”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e855fa8f087fa337ce53a7″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Another Labour tax proposal which Jeremy Hunt has lifted for the budget is the plan to abolish non-dom status. The Financial Times has some detail about how Hunt will do this. It says:
“,”elementId”:”ab9a0a4c-7051-40e4-ab93-a9602a3645f5″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
The chancellor is looking to scrap the two-century old concept of domicile, and change when individuals receive the tax break, the Financial Times has been told. The Treasury declined to comment.
\n
Non-domiciled people are UK residents deemed to have their permanent home or “domicile” outside the country. They can currently earn money from abroad without paying UK tax on this for up to 15 years, provided they do not bring any income or capital gains into the country.
\n
Hunt will modernise the system, replacing the concept of domicile in tax with a statutory residence test that would define who benefits from a new system of tax privileges.
\n
He will also encourage wealthy people to bring their foreign-held assets and money to the UK. Tax experts have long complained the current regime is complicated and disincentivises non-doms from bringing wealth into the country, as they are taxed when they do so.
\n
“,”elementId”:”b719bd2c-5f38-4484-97da-d8fdd6c7e891″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Darren Jones, the shadow chief secretary to the Treasury, has described this as a “humiliating U-turn”.
“,”elementId”:”0196be74-bafb-4b94-a863-dabf301c9c6e”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1765337665015029815″,”elementId”:”45a011cf-9c92-4519-a846-e68c8c44d631″,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/ITVNewsPolitics/status/1765337665015029815″,”isThirdPartyTracking”:false,”html”:”
'Are they really in a position where they're so bereft of any ideas of their own?'
Labour's @darrenpjones says if Jeremy Hunt announces he's scrapping the non-dom tax status in the Budget, it will be a 'humiliating u-turn for the Conservatives' pic.twitter.com/UEhRfscpKR
— ITV News Politics (@ITVNewsPolitics) March 6, 2024
\n\n”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709725178000,”blockCreatedOnDisplay”:”06.39 EST”,”blockLastUpdated”:1709725406000,”blockLastUpdatedDisplay”:”06.43 EST”,”blockFirstPublished”:1709725407000,”blockFirstPublishedDisplay”:”06.43 EST”,”blockFirstPublishedDisplayNoTimezone”:”06.43″,”title”:”Labour says adopting its plan to abolish non-dom tax status would be ‘humiliating U-turn’ for Tories”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e8491b8f0827d2af563e5c”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
There is a long history of governing parties cutting taxes in budgets just before general elections, and new governments (often from the same party) whacking them up again in the first budget after polling day. Jeremy Hunt is obviously in election bribe mode today, but this chart, from the Institute for Fiscal Studies thinktank, which covers fiscal events up to last year’s autumn statement, suggests that what he is doing is not unprecedented. Denis Healey did something similar before the 1979 election, which Labour lost, and Geoffrey Howe before 1983, which the Tories won.
“,”elementId”:”9c083d46-d29d-4000-9070-ba08360756b8″},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“height”:”1704″,”width”:”2408″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/2408.jpg”},{“index”:1,”fields”:{“isMaster”:”true”,”height”:”1704″,”width”:”2408″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg”},{“index”:2,”fields”:{“height”:”1415″,”width”:”2000″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/2000.jpg”},{“index”:3,”fields”:{“height”:”708″,”width”:”1000″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/1000.jpg”},{“index”:4,”fields”:{“height”:”354″,”width”:”500″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/500.jpg”},{“index”:5,”fields”:{“height”:”99″,”width”:”140″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/140.jpg”}]},”elementId”:”03ca07e0-10fe-48c3-bbe8-bfe0c3c28ba4″,”imageSources”:[{“weighting”:”inline”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=620&quality=85&auto=format&fit=max&s=700933434ae2beecb5a00af43504116d”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=6dd1c4aba00fc8be983e79dc9be979de”,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=605&quality=85&auto=format&fit=max&s=98668d2a03615323d45449e7fd77b078″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=8e8b4bbeea70788d415851ef345103bd”,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=445&quality=85&auto=format&fit=max&s=88b7c8dd9b9ff7c8cc8b5977a6cda6c8″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=ee8e2712890d246c92e68ced2e27d6b3″,”width”:890}]},{“weighting”:”thumbnail”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=140&quality=85&auto=format&fit=max&s=336a96ab3b92a409d3b90b7b961605b7″,”width”:140},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=140&quality=45&auto=format&fit=max&dpr=2&s=6cce5a01a4276facd119d412f1effa4e”,”width”:280},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=120&quality=85&auto=format&fit=max&s=3e49379e0bd60a522ad7a5565e6c59b4″,”width”:120},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=120&quality=45&auto=format&fit=max&dpr=2&s=781ea783509c639e954cdce4174a7415″,”width”:240}]},{“weighting”:”supporting”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=380&quality=85&auto=format&fit=max&s=80d1d8a1f8ccfe1e9d44e9d8d2bc6b3a”,”width”:380},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=380&quality=45&auto=format&fit=max&dpr=2&s=0cfbefad5f2fd11b1684f76a51732fb4″,”width”:760},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=300&quality=85&auto=format&fit=max&s=c1abfc5d3055f21c06fe14963c3a5745″,”width”:300},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=300&quality=45&auto=format&fit=max&dpr=2&s=5b8878ac204b30fd17cf9bb97431dd78″,”width”:600},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=620&quality=85&auto=format&fit=max&s=700933434ae2beecb5a00af43504116d”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=6dd1c4aba00fc8be983e79dc9be979de”,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=605&quality=85&auto=format&fit=max&s=98668d2a03615323d45449e7fd77b078″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=8e8b4bbeea70788d415851ef345103bd”,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=445&quality=85&auto=format&fit=max&s=88b7c8dd9b9ff7c8cc8b5977a6cda6c8″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=ee8e2712890d246c92e68ced2e27d6b3″,”width”:890}]},{“weighting”:”showcase”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=860&quality=85&auto=format&fit=max&s=129427e69a3344b219d862f0e1b8749f”,”width”:860},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=860&quality=45&auto=format&fit=max&dpr=2&s=837493c004fb69e7d15f4e4c5d51d31c”,”width”:1720},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=780&quality=85&auto=format&fit=max&s=3efde975606294ab02d943f068a9b0dc”,”width”:780},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=780&quality=45&auto=format&fit=max&dpr=2&s=6815a74a90d7fee0a22f0f3319720cde”,”width”:1560},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=620&quality=85&auto=format&fit=max&s=700933434ae2beecb5a00af43504116d”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=6dd1c4aba00fc8be983e79dc9be979de”,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=605&quality=85&auto=format&fit=max&s=98668d2a03615323d45449e7fd77b078″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=8e8b4bbeea70788d415851ef345103bd”,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=445&quality=85&auto=format&fit=max&s=88b7c8dd9b9ff7c8cc8b5977a6cda6c8″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=ee8e2712890d246c92e68ced2e27d6b3″,”width”:890}]},{“weighting”:”halfwidth”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=620&quality=85&auto=format&fit=max&s=700933434ae2beecb5a00af43504116d”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=6dd1c4aba00fc8be983e79dc9be979de”,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=605&quality=85&auto=format&fit=max&s=98668d2a03615323d45449e7fd77b078″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=8e8b4bbeea70788d415851ef345103bd”,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=445&quality=85&auto=format&fit=max&s=88b7c8dd9b9ff7c8cc8b5977a6cda6c8″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=ee8e2712890d246c92e68ced2e27d6b3″,”width”:890}]},{“weighting”:”immersive”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=1900&quality=85&auto=format&fit=max&s=419f3fe35967eb81062bd57f2776c255″,”width”:1900},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=1900&quality=45&auto=format&fit=max&dpr=2&s=a69406d254a4dd78bb1c70c162bbc1ea”,”width”:3800},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=1300&quality=85&auto=format&fit=max&s=66b286f41711e68e7c714129040faf32″,”width”:1300},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=1300&quality=45&auto=format&fit=max&dpr=2&s=857c7df662f2403ec0ceafe923532208″,”width”:2600},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=1140&quality=85&auto=format&fit=max&s=9aced2d9b82bb4a9d76f206acce2dd62″,”width”:1140},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=1140&quality=45&auto=format&fit=max&dpr=2&s=00c3ee54d95f935f929ed778ebc0de2a”,”width”:2280},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=980&quality=85&auto=format&fit=max&s=d03a1d2d29090a7d10050d90566d8a39″,”width”:980},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=980&quality=45&auto=format&fit=max&dpr=2&s=2490171616a1dd50281c7e19e3816aa4″,”width”:1960},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=740&quality=85&auto=format&fit=max&s=4e44ca0e5e634613acdc601b2c7bdea3″,”width”:740},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=740&quality=45&auto=format&fit=max&dpr=2&s=f29921cebdff6164ef674310177c9765″,”width”:1480},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=660&quality=85&auto=format&fit=max&s=1f0e30c6860cd65bc8339e74f7be4ccd”,”width”:660},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=660&quality=45&auto=format&fit=max&dpr=2&s=d5d0b2e58622cf35ceab50367f29a42d”,”width”:1320},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=480&quality=85&auto=format&fit=max&s=e3e38de9c866a2653ebc58451ccd0872″,”width”:480},{“src”:”https://i.guim.co.uk/img/media/c4cea3593b70ccd1231167df1fa2149de2c5f9a5/0_0_2408_1704/master/2408.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=e1bf8891e223c4a8ca33584e063e5c88″,”width”:960}]}],”data”:{“alt”:”Tax changes before elections”,”caption”:”Tax changes before elections”,”credit”:”Photograph: IFS”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709721883000,”blockCreatedOnDisplay”:”05.44 EST”,”blockLastUpdated”:1709722607000,”blockLastUpdatedDisplay”:”05.56 EST”,”blockFirstPublished”:1709722607000,”blockFirstPublishedDisplay”:”05.56 EST”,”blockFirstPublishedDisplayNoTimezone”:”05.56″,”title”:”How taxes go down and up before and after general elections”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e83a128f08bec6f4ed6e1c”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Retaining the fuel duty cut in the budget is a regressive policy that benefits the wealthiest in society, who will save £60 a year, while those who earn the least will save just £22, according to analysis. Helena Horton has the story here.
“,”elementId”:”18874932-0023-4df1-a73a-11c0fed81b32″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”UK fuel duty cut is regressive policy that benefits the wealthy, study finds”,”elementId”:”25dd0980-6e29-481a-a470-e9e87b39a344″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/politics/2024/mar/06/uk-fuel-duty-cut-regressive-policy-benefits-wealthy-study”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709718034000,”blockCreatedOnDisplay”:”04.40 EST”,”blockLastUpdated”:1709718073000,”blockLastUpdatedDisplay”:”04.41 EST”,”blockFirstPublished”:1709718074000,”blockFirstPublishedDisplay”:”04.41 EST”,”blockFirstPublishedDisplayNoTimezone”:”04.41″,”title”:”UK fuel duty cut is regressive policy that benefits the wealthy, study finds”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”},{“id”:”65e825cf8f08d345ed5f3cfc”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Good morning. Looking at some of the newspaper front pages this morning, you might assume that it’s all done, and that today’s budget is a “good news” event for the Conservative party (which is in such a dire plight it may have forgotten what good news is).
“,”elementId”:”86f7c7c9-2ffb-487c-aa36-dad0182dcae2″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1765142554213765260″,”elementId”:”6d48b9a2-65bd-4c98-9184-bcce899ce7f0″,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/jacksurfleet/status/1765142554213765260″,”isThirdPartyTracking”:false,”html”:”
Wednesday's DAILY EXPRESS: Hunt's tax cut gamble will put £900 in workers' pockets#TomorrowsPapersToday pic.twitter.com/m1aDPJoZ7O
— Jack Surfleet (@jacksurfleet) March 5, 2024
\n\n”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1765142317436985503″,”elementId”:”1cc95e3c-e363-4fb0-a44c-0da8f11fd83a”,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/jacksurfleet/status/1765142317436985503″,”isThirdPartyTracking”:false,”html”:”
Wednesday's DAILY TELEGRAPH: Tax cuts spark election talk#TomorrowsPapersToday pic.twitter.com/owfocEnPM0
— Jack Surfleet (@jacksurfleet) March 5, 2024
\n\n”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1765149795864150400″,”elementId”:”496e9df0-a762-4983-a115-f4d791c4ce11″,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/jacksurfleet/status/1765149795864150400″,”isThirdPartyTracking”:false,”html”:”
Wednesday's TIMES: Hunt looks to win over voters with £900 tax cut#TomorrowsPapersToday pic.twitter.com/VxsbZmJIcP
— Jack Surfleet (@jacksurfleet) March 5, 2024
\n\n”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
From what we know, it seems as if Jeremy Hunt is going to test the “election bribe” approach to politics to destruction with a giveaway budget that he hopes will revive his party’s fortunes by anaesthetising memory of the very large tax increases the government has already imposed since 2019, and setting a campaign trap for Labour.
“,”elementId”:”4b59bacd-8fbf-4ac6-a78b-d622503c002f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
But there are three big questions yet to be answered.
“,”elementId”:”f2103aeb-f62c-40c7-a971-4f2d6fe54a52″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
First, is a 2p cut in national insurance the main story of the budget, or is there something much bigger to come? The 2p cut is now established as fact, but it is not entirely clear whether that is because the Treasury wanted the news out before the budget, or whether it was just forced into confirming what diligent reporting had uncovered. Budgets normally focus on tax changes taking effect in the budget year. But Rishi Sunak is also on record as wanting to cut income tax eventually to 16p in the pound, and sometimes chancellors announce tax cuts they plan to make a year or more in advance. Will we get some of that today?
“,”elementId”:”72f45ebd-b49e-4cc3-8568-9e64f26d1051″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Second, how will Labour react? Hunt will probably fund his tax cut by lifting two of the four tax increases proposed by Labour (which the Tories used to oppose) and by cutting plans for public spending after the election. Many in the Labour party would love to see Starmer promise to reverse any such cuts when he responds to the budget statement. But Starmer wants to fight the general election on terms set by Labour, not Hunt, and so he is unlikely to leap into such an obvious elephant trap. We might not get the full, considered Labour response today, but we will find out in what direction they are heading.
“,”elementId”:”3d3326d8-6197-4638-87ac-c279d81cdcfc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The final question is, if this is the most nakedly partisan budget of recent times, will it work? We certainly won’t know for sure today, but by 6pm we might be better placed to have a guess.
“,”elementId”:”cda28727-33f6-4f57-92f9-4d4a33399960″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Here is our overnight story on the budget by Kiran Stacey, Pippa Crerar and Phillip Inman.
“,”elementId”:”5836ebc8-21f4-40e8-94fa-cbd24176ec61″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Jeremy Hunt defies public services alarm with pre-election budget tax cuts”,”elementId”:”8e1f37a2-6b9f-48fb-ae08-3a845667ff06″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/uk-news/2024/mar/05/jeremy-hunt-budget-push-growth-despite-risk-public-services”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
And here is Phillip’s guide to what to expect from the budget.
“,”elementId”:”ec0210ec-9843-4bbe-8ebc-d8f2a2971d59″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”What to expect from Jeremy Hunt’s spring budget”,”elementId”:”99d88b91-f1dc-4a73-b498-72e14bf4460d”,”role”:”thumbnail”,”url”:”https://www.theguardian.com/uk-news/2024/mar/06/what-to-expect-from-jeremy-hunts-spring-budget”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
My colleague Graeme Wearden will be joining me later from the business blog, and we will be covering the budget in full, and then focusing on reaction and analysis.
“,”elementId”:”a988c1a9-8bec-4d4f-bd26-748650419e46″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Here is the agenda for the day.
“,”elementId”:”fad0b453-c5d0-4ddc-a279-dc8929c12a5b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
8.30am: Rishi Sunak chairs cabinet, where Jeremy Hunt will brief ministers on what’s in the budget.
“,”elementId”:”19825d36-f49e-492d-a6a4-f1d547f2866e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
12pm: Rishi Sunak faces Keir Starmer at PMQs.
“,”elementId”:”4fb9f7f0-c9ca-4233-ba24-5d42273533c0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
12.30pm: Hunt delivers his budget statement in the Commons. The speech will last about an hour, and when it finishes the budget red book, the Office for Budget Responsibility’s analysis, and all the other budget documentation will be published on the Treasury and OBR websites.
“,”elementId”:”7f465b85-4cb7-44d1-83b3-ebcc9ee91330″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
2.30pm: Richard Hughes, chair of the OBR, holds a press conference.
“,”elementId”:”22175c80-2799-47ea-bb98-45d8d70418d5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
5pm: Hunt addresses a meeting of the backbench Conservative 1922 Committee.
“,”elementId”:”4c9e069a-de7b-4c79-b8fa-ea417bf90b80″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
If you want to contact me, do try the “send us a message” feature. You’ll see it just below the byline – on the left of the screen, if you are reading on a laptop or a desktop. This is for people who want to message me directly. I find it very useful when people message to point out errors (even typos – no mistake is too small to correct). Often I find your questions very interesting, too. I can’t promise to reply to them all, but I will try to reply to as many as I can, either in the comments below the line; privately (if you leave an email address and that seems more appropriate); or in the main blog, if I think it is a topic of wide interest.
“,”elementId”:”c520decf-54ff-4423-b329-8205ee1d1c10″},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“height”:”5096″,”width”:”7955″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/7955.jpg”},{“index”:1,”fields”:{“isMaster”:”true”,”height”:”5096″,”width”:”7955″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg”},{“index”:2,”fields”:{“height”:”1281″,”width”:”2000″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/2000.jpg”},{“index”:3,”fields”:{“height”:”641″,”width”:”1000″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/1000.jpg”},{“index”:4,”fields”:{“height”:”320″,”width”:”500″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/500.jpg”},{“index”:5,”fields”:{“height”:”90″,”width”:”140″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/140.jpg”}]},”elementId”:”51f5b32f-6599-495d-92cf-1f73b0131526″,”imageSources”:[{“weighting”:”inline”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=620&quality=85&auto=format&fit=max&s=522fc7de58f5f0d5067225a33a1bcaba”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=f2987b2876b907722d0f584ba3c3dac3″,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=605&quality=85&auto=format&fit=max&s=48dbd16c63c2ca40fa76069b51a31e96″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=9f8576fa5a106736be880b6856462226″,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=445&quality=85&auto=format&fit=max&s=89dbb6e48a8666af098c8a7a020ccb53″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=e8906ffd6b93736b4d6e98791aadfeca”,”width”:890}]},{“weighting”:”thumbnail”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=140&quality=85&auto=format&fit=max&s=bf87a7aaee91df3fe6516810744c2732″,”width”:140},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=140&quality=45&auto=format&fit=max&dpr=2&s=966c1c378b25828e339ed8b2f41775a2″,”width”:280},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=120&quality=85&auto=format&fit=max&s=14d1a24d5b93350756d00a0cf52e5f04″,”width”:120},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=120&quality=45&auto=format&fit=max&dpr=2&s=894f4bc80b2b62521581c99f3eb3a9b4″,”width”:240}]},{“weighting”:”supporting”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=380&quality=85&auto=format&fit=max&s=6334afbfcf5c1e9c50e72cb5791eb043″,”width”:380},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=380&quality=45&auto=format&fit=max&dpr=2&s=199309b59a131f61ff63f49102e98cad”,”width”:760},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=300&quality=85&auto=format&fit=max&s=7e4378e9f43cbe52fb43cbf9efcf27c3″,”width”:300},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=300&quality=45&auto=format&fit=max&dpr=2&s=d2b8ad50f35d7b7007f6196ce39391a4″,”width”:600},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=620&quality=85&auto=format&fit=max&s=522fc7de58f5f0d5067225a33a1bcaba”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=f2987b2876b907722d0f584ba3c3dac3″,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=605&quality=85&auto=format&fit=max&s=48dbd16c63c2ca40fa76069b51a31e96″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=9f8576fa5a106736be880b6856462226″,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=445&quality=85&auto=format&fit=max&s=89dbb6e48a8666af098c8a7a020ccb53″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=e8906ffd6b93736b4d6e98791aadfeca”,”width”:890}]},{“weighting”:”showcase”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=860&quality=85&auto=format&fit=max&s=a851a9e449255a92135b2e682953039e”,”width”:860},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=860&quality=45&auto=format&fit=max&dpr=2&s=1e03a8124c68c7aef4a7e22e25dc190a”,”width”:1720},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=780&quality=85&auto=format&fit=max&s=b8a19f6128207dd1cc78877e75e756a0″,”width”:780},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=780&quality=45&auto=format&fit=max&dpr=2&s=2ac67506d5b20c5e0e6712c7ea78e272″,”width”:1560},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=620&quality=85&auto=format&fit=max&s=522fc7de58f5f0d5067225a33a1bcaba”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=f2987b2876b907722d0f584ba3c3dac3″,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=605&quality=85&auto=format&fit=max&s=48dbd16c63c2ca40fa76069b51a31e96″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=9f8576fa5a106736be880b6856462226″,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=445&quality=85&auto=format&fit=max&s=89dbb6e48a8666af098c8a7a020ccb53″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=e8906ffd6b93736b4d6e98791aadfeca”,”width”:890}]},{“weighting”:”halfwidth”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=620&quality=85&auto=format&fit=max&s=522fc7de58f5f0d5067225a33a1bcaba”,”width”:620},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=f2987b2876b907722d0f584ba3c3dac3″,”width”:1240},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=605&quality=85&auto=format&fit=max&s=48dbd16c63c2ca40fa76069b51a31e96″,”width”:605},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=9f8576fa5a106736be880b6856462226″,”width”:1210},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=445&quality=85&auto=format&fit=max&s=89dbb6e48a8666af098c8a7a020ccb53″,”width”:445},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=e8906ffd6b93736b4d6e98791aadfeca”,”width”:890}]},{“weighting”:”immersive”,”srcSet”:[{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=1900&quality=85&auto=format&fit=max&s=4ec285de80fae3acfb82a24952fd6367″,”width”:1900},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=1900&quality=45&auto=format&fit=max&dpr=2&s=32ff2d8ba30b5ae1caf8a76c22c3c98e”,”width”:3800},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=1300&quality=85&auto=format&fit=max&s=d11274347ea142cc8f453d6a3cc47702″,”width”:1300},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=1300&quality=45&auto=format&fit=max&dpr=2&s=295137ae60068e51710b473377bc470e”,”width”:2600},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=1140&quality=85&auto=format&fit=max&s=00de87de22cee8b1561b0ccd60e02d4f”,”width”:1140},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=1140&quality=45&auto=format&fit=max&dpr=2&s=3de12524ef02107c6f230fe263be677b”,”width”:2280},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=980&quality=85&auto=format&fit=max&s=e7a9fbf91090b3c0de8fa9d424e3c179″,”width”:980},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=980&quality=45&auto=format&fit=max&dpr=2&s=9178bf78178a22da9a00bd3b29f586ea”,”width”:1960},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=740&quality=85&auto=format&fit=max&s=21a37afe1d3c85ea02f578ef51c1b6da”,”width”:740},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=740&quality=45&auto=format&fit=max&dpr=2&s=6c7d673377bed547e1b5fee9fcdb207b”,”width”:1480},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=660&quality=85&auto=format&fit=max&s=2eb3bb9ce29866a3ed95bf74373d444a”,”width”:660},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=660&quality=45&auto=format&fit=max&dpr=2&s=d8d908fa3d3f400248b22150a7caa125″,”width”:1320},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=480&quality=85&auto=format&fit=max&s=db18ec56a3d9cfdc9d208ef943cf3c6b”,”width”:480},{“src”:”https://i.guim.co.uk/img/media/e31374c702402e85eb1fb9de357dd90e1eb89875/0_0_7955_5096/master/7955.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=b562bc53f4a4de018b96e1851cd88fa5″,”width”:960}]}],”data”:{“alt”:”Photographers’ ladders outside 11 Downing Street, where Jeremy Hunt will later stage his pre-budget photocall.”,”caption”:”Photographers’ ladders outside 11 Downing Street, where Jeremy Hunt will later stage his pre-budget photocall.
“,”credit”:”Photograph: Neil Hall/EPA”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1709717759000,”blockCreatedOnDisplay”:”04.35 EST”,”blockLastUpdated”:1709719345000,”blockLastUpdatedDisplay”:”05.02 EST”,”blockFirstPublished”:1709717759000,”blockFirstPublishedDisplay”:”04.35 EST”,”blockFirstPublishedDisplayNoTimezone”:”04.35″,”title”:”2p cut in national insurance as Jeremy Hunt prepares to reveal full spring budget”,”contributors”:[],”primaryDateLine”:”Wed 6 Mar 2024 09.03 EST”,”secondaryDateLine”:”First published on Wed 6 Mar 2024 04.35 EST”}],”filterKeyEvents”:false,”id”:”key-events-carousel-mobile”}” config=”{“renderingTarget”:”Web”,”darkModeAvailable”:false}”>
Key events
In the Commons Starmer says the Tories have finally accepted Labour’s idea on non-doms. Has there ever been a better example of a party bereft of ideas?
And why did they do not it earlier?
If they had, there would have been more than 3m hospital operations, and 1.3m more dental appointments, he says.
And he tells Tory MPs that they should get used to these U-turns. It won’t be long before government asks them to back VAT on private school fees, he says.
Starmer says the story of this parliament is simple: a Conservative party clinging to the ideas of the past, and unable to generate growth.
He says the Tories have torched their reputation for fiscal responsibility, and any suggestion they will put the country first.
People are paying higher mortgages because of the Liz Truss mini-budget, he says.
And will recognise this as a con, he says.
And a “Tory steatlth tax is coming their way in the form of a higher council tax bill”.
Starmer describes budget as ‘last, desperate act of party that has failed’
The division is over. The government won by 288 votes to 38.
Keir Starmer is now speaking.
He starts by referring to the budget as “the last, desperate act of a party that has failed”.
OBR: Medium-term outlook remains challenging
As Hunt sat down, the Office for Budget Responsibility released its latest assessment of the UK economy – it’s Economic and Fiscal Outlook.
The OBR starts by saying that the UK’s near-term growth prospects have improved, thanks to inflation falling faster than it expected in November. That has led markets to expect a sharper decline in interest rates.
The OBR says:
This strengthens near-term growth prospects and should enable a faster recovery in living standards from last financial year’s record decline.
Lower inflation and policies in #Budget2024 help living standards to recover to their pre-pandemic peak two years earlier than expected in our November forecast. pic.twitter.com/IGLKIHxlT8
— Office for Budget Responsibility (@OBR_UK) March 6, 2024
\n\n”}}” config=”{“renderingTarget”:”Web”,”darkModeAvailable”:false}”/>
But the medium-term economic outlook “remains challenging”, the fiscal watchdog warns.
The OBR has lifted its estimate for the current UK population, following the 2021 Census and net migration since then. But, it also sees rising economic inactivity (more people are unable to work due too ill health).
And that means the economy, as a share of the population, is expected to be slightly smaller than expected in November. That means even worse living standards:
The OBR says:
One of the biggest changes to our economy forecast is an increase in the size and growth of the UK population. But higher and rising levels of inactivity offset its impact on the overall size of the workforce, leaving our forecast for the level of GDP in five years virtually unchanged from the autumn, and the level of GDP per person slightly lower.
GDP growth in 2023 was weaker than expected in our November EFO. But lower forecast energy prices and interest rates support slightly stronger growth over the next few years, leaving the level of GDP largely unchanged by 2028 relative to our last forecast.#Budget2024 pic.twitter.com/6MucV5Iiui
— Office for Budget Responsibility (@OBR_UK) March 6, 2024
\n\n”}}” config=”{“renderingTarget”:”Web”,”darkModeAvailable”:false}”>
GDP growth in 2023 was weaker than expected in our November EFO. But lower forecast energy prices and interest rates support slightly stronger growth over the next few years, leaving the level of GDP largely unchanged by 2028 relative to our last forecast.#Budget2024 pic.twitter.com/6MucV5Iiui
— Office for Budget Responsibility (@OBR_UK) March 6, 2024
Budget debate held up after SNP MPs force surprise vote on its provisions
Eleanor Laing, the deputy speaker, is now calling a vote on certain budget measures (taxes that come into force tonight) that have to go through as soon as the budget speech is over. Normally this is down by acclamation (government MPs shouting aye), so that the Commons can get on with listening to the opposition’s response. But some MPs have forced a division (by shouting no), and there is a vote.
It seems to have been the SNP who were forcing a division.
After the speaker ignored Commons rules in a way that led to MPs not getting a vote on their Gaza motion last month, they have been talking about using more disruptive tactics at Westminster.
The division will take about 15 minutes, and then Keir Starmer will get a chance to respond to the budget.
Hunt confirms 2p cut in national insurance, claiming average personal taxes now at lowest level since 1975
Hunt is now talking about national insurance.
From April employee national insurance will be cut from 10% to 8%, and self-employed NICS from 8% to 6%.
He says, combined with the changes announced in the autumn statement, 27 million people will gain £900. And 2 million self-employed people will gain £650.
He says the OBR says this will put 200,000 more people in work. And it will increase GDP by 0.4%, he says.
He says this will bring personal taxes to their lowest level since 1975.
And he says the Conservatives will continue to keep cutting national insurance.
(There is a big difference between personal taxes and the overall tax burden. In 1975 VAT had only just been introduced, and it was levied at 10%. It is double that rate now.)
Hunt says 500,00 families will gain almost £1,300 from increase in high income threshold for child benefit
Hunt says he will change the way child benefit is paid.
At the moment the high income threshold applies to individuals, not households. That will change, he says.
And he says he is also increasing the higher income threshold. It will go up from £50,000 to £60,000.
He claims that almost half a million families will gain by almost £1,300.
We’re increasing the threshold at which parents start paying the High Income Child Benefit Charge, from £50,000 to £60,000.
Making almost half a million families better off by an average of almost £1300 per household. pic.twitter.com/GkFPO0va7p
— HM Treasury (@hmtreasury) March 6, 2024
\n\n”}}” config=”{“renderingTarget”:”Web”,”darkModeAvailable”:false}”>
We’re increasing the threshold at which parents start paying the High Income Child Benefit Charge, from £50,000 to £60,000.
Making almost half a million families better off by an average of almost £1300 per household. pic.twitter.com/GkFPO0va7p
— HM Treasury (@hmtreasury) March 6, 2024
Hunt’s decision to abolish non-dom status means Labour need to find another way to provide extra funding for the NHS (as Hunt says he is using the money to cut taxes for working people), points out Sky’s News’s Sophie Ridge.
Jeremy Hunt confirms the Gvt will abolish the current tax system for non doms
Which means Labour needs to find another way of paying for extra investment in the NHS https://t.co/izQWwjmPYN
— Sophy Ridge (@SophyRidgeSky) March 6, 2024
“}}” config=”{“renderingTarget”:”Web”,”darkModeAvailable”:false}”>
Jeremy Hunt confirms the Gvt will abolish the current tax system for non doms
Which means Labour needs to find another way of paying for extra investment in the NHS https://t.co/izQWwjmPYN
— Sophy Ridge (@SophyRidgeSky) March 6, 2024
Hunt says he will raise £2.7bn by abolishing non-dom status
Hunt is now talking about abolishing non-dom status.
He claims Labour was only interested in this because it was a plan Nigel Lawson originally favoured.
He confirms that he will abolish non-dom status. This provokes lots of jeering. Hunt says he aims to please all sides of the house. Eleanor Laing, the deputy speaker, urges MPs to “shout more quietly”.
Hunt says there will be a non-dom-style tax status open to people coming to the UK for four years. But after that they will have to pay UK taxes.
Hunt says this will raise £2.7bn by end of forecast period. Unlike Labour, the Tories will use this to cut taxes, he says.
Hunt says he will raise £1.5bn by extending windfall tax on energy companies
Hunt says energy companies. Their profits are extending because of the Ukraine war, so Hunt says he will extend the sunset clause in the windfall tax for an additional year, to 2029, raising £1.5bn.
Hunt turns to multiple dwellings relief, and jokes that this will interest Angela Rayner.
He is abolishing this, he says.
And he says the Treasury and the OBR are both saying the government will raise more money be reducing the higher rate of property capital gains tax from 28% to 24%. The Treasury and the OBR have discovered “their inner Laffer curve”.
“That really is for you, Angela,” he says.
Hunt says tax relief for holiday lettings will end
Hunt says he has been lobbied by MPs representing coastal towns. The tax system for holiday lettings is not working, he says. So he will abolish the furnished holiday lettings relief, he says.
Hunt confirms new tax on vapes
Hunt confirms a new tax on vapes.
And there will be a one-off increase in tobacco duties.
There will be an increase in the tax on non-economy flights, he says.
Discussion about this post