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All posts tagged: Chancellor
Budget 2024: Chancellor abolishes ‘non-dom’ tax breaks – and confirms national insurance will be cut by 2p | Politics News
The chancellor has said that the current tax system for non-doms will be abolished – and confirmed a 2p cut to national insurance. In the budget, Jeremy Hunt said “permanent cuts in taxation” were possible because of the progress made in bringing down inflation – with forecasts suggesting it will fall to the target level of 2% within months. Scrapping the “non-doms” regime, which allowed certain wealthy individuals to avoid paying tax on their foreign income, is expected to raise £2.7bn a year. Budget live: No rabbit out of the hat on income tax from chancellor Mr Hunt spoke about cutting taxes to increase growth, and the official Office for Budget Responsibility (OBR) forecast predicted that living standards will grow faster than expected. But real disposable household disposable income is not expected to recover to pre-pandemic levels until the 2025-26 period, after the next election. And the tax burden is also set to continue to rise – albeit at a slightly reduced level when compared to last autumn’s forecast. In terms of spending, Mr Hunt …
Budget 2024: The key points of Chancellor Jeremy Hunt’s speech | Politics News
The chancellor is unveiling the budget for 2024. Here are the key points so far: Budget 2024: Live updates Money blog: What budget means for you This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news. Advertisement Source link
Chancellor ‘could be planning surprise income tax cut’
Jeremy Hunt’s Budget plan to cut National Insurance by 2p amounts to “fiddling while Rome burns”, Lord Frost has warned. The former Brexit minister said the Chancellor needed to use today’s address in the House of Commons to set out a strategy to address the UK’s problems of which he said there are “lots and lots”. The Tory peer also said Mr Hunt should spell out that the UK has “no future” as a “high-tax, high-spend social democrat economy”. He told Sky News: “What I want to see is a Budget that deals with the problems the country has got and it does have lots and lots of problems, there is no doubt about that. “But what I’d like to hear is the Chancellor setting out a strategy, telling us that there is no future for this country as a high-tax, high-spend social democrat economy, coming up with a strategy that is going to focus on growth. “The economy is not growing. Incomes per head are actually falling and people can feel it. We need …
Chancellor to unveil two-year extension to recovery loan scheme | Business News
Jeremy Hunt is to extend a key government lending programme for another two years following pleas from Britain’s army of small businesses. Sky News has learnt that the chancellor will announce in his budget on Wednesday that the recovery loan scheme, which was reintroduced in the summer of 2022, is to be extended until 2026. Sources said that Treasury officials had heeded calls from business groups that the expiry of the existing scheme in June would represent a cliff-edge for smaller companies in need of loan guarantees. Kemi Badenoch, the business secretary, is understood to have urged the chancellor to back the RLS’s continued operation. Under the scheme, the government guarantees 70% of loans of up to £2m to companies which have a turnover of less than £45m. Its launch followed massive state intervention in the business lending market during the COVID pandemic, with a series of loan schemes aimed at companies of all sizes. In its submission to the Treasury ahead of the budget, the Federation of Small Businesses said: “The extension of the …
Chancellor Jeremy Hunt considering further public spending cut to boost tax giveaway in budget | Politics News
Jeremy Hunt is considering a last minute further cut to public spending to boost the tax giveaway in Wednesday’s budget. The Politics At Jack And Sam’s podcast, out now, set out how Number 10 and 11 have spent recent days finding as many different ways of raising future revenue as possible to increase the size of Wednesday’s tax cuts. National insurance could be cut by 2p again in the budget if the chancellor succeeds in finding the right mix of revenue raising measures and spending cuts. ???? Listen above and then click or tap here to subscribe to Politics At Jack And Sam’s wherever you get your podcasts ???? Currently spending is due to rise 1% above inflation after next year. However, if this was cut to 0.75% above inflation, that would raise £5-6bn. The chancellor would hope to resist questions about where he would cut, saying he is doing an efficiency drive and decisions would be outlined at a future spending review post election. The decision on whether to cut future spending was live …
Acclaimed actor becomes Hartpury inaugural Chancellor
Hartpury University and Hartpury College have appointed British actor and presenter, Martin Clunes, as their inaugural Chancellor. Martin will serve as the honorary head of both specialist educational institutions, representing Hartpury in a ceremonial and ambassadorial capacity. The appointment marks an important milestone for the Gloucestershire university and college that offers specialist undergraduate and postgraduate degrees and diplomas in agriculture, animal, business, equine, sport and veterinary nursing, as well as A-levels and T-Levels. One of Britain’s best-loved actors, with a career spanning decades, Martin has starred in popular series and films including Doc Martin, Shakespeare in Love, and Men Behaving Badly, for which he won a Bafta. He is celebrated not only for his contribution to the arts, but also for his commitment to charitable causes and the community. He was made an Officer of the Order of the British Empire (OBE) in the 2015 Queen’s Birthday Honours List and appointed as a Deputy Lieutenant (DL) of the County of Dorset in 2019. Martin and his family run a 130-acre farm which is home to horses, cows, sheep, chickens, dogs …
Chancellor Jeremy Hunt ditches 2p income tax cut, reports suggest | Politics | News
Jeremy Hunt has ditched plans for a 2p cut to income tax at next month’s Budget, reports have suggested. The Chancellor was possibly set to reduce the basic rate of income tax from 20 to 18 per cent, as well as looking to slash National Insurance employee contributions by two percentage points as an alternative. A Treasury source said: “The world has changed. Everything you thought was going to happen [at the Budget] may not now happen.” Britain entered a technical recession on Thursday following two quarters in a row of negative growth. Work and Pensions Secretary Mel Stride warned that high levels of worklessness are part of the reason for the recession. Mr Stride said: “The shadow of economic inactivity – people not in work nor looking for it – continues to hang over our nation”. He added: “I find it deeply concerning that 2.8 million people are now off sick – missing out on the financial, social and health benefits we know work brings, and denying the engine of growth, our fantastic British …
Former chancellor Kwasi Kwarteng to stand down as MP at next election | Politics News
Former chancellor Kwasi Kwarteng will stand down at the next election. Mr Kwarteng delivered the disastrous mini-budget, and was later sacked by then prime minister Liz Truss and replaced with Jeremy Hunt in a bid to reassure markets. The Truss administration collapsed shortly after. Politics latest: PM responds to criticism of ‘depraved bet’ Mr Kwarteng is the MP for Spelthorne in Surrey, and holds it with a majority of 18,393. Writing on social media, Mr Kwarteng said: “Yesterday I informed my association chair of my decision not to stand at the next general election. “It has been an honour to serve the residents of Spelthorne since 2010, and I shall continue to do so for the remainder of my time in parliament.” According to a Sky News tally, he is the 55th Conservative MP to say he will not stand at the next election. The announcement came shortly before Ms Truss launched her new “Popular Conservatives” movement. Mr Kwarteng has worked for various Conservative governments since 2015, including as a Brexit minister, a business minister, …
Oxford University chancellor Lord Patten announces retirement | UK | News
Oxford University chancellor Lord Chris Patten has announced his plan to retire at the end of the academic year. Lord Patten has held the role for more than 20 years, but says “with a heavy heart” he has decided to leave. Lord Patten has served as a former Conservative cabinet minister, Conservative Party chairman, the last governor of Hong Kong, European commissioner, BBC chairman and was a part of the Northern Ireland peace process. In his letter to the university’s vice-chancellor, professor Irene Tracey, he said Oxford has been a “hugely important part of my life”. He said: “This year, I will have my 80th birthday in May. I hope that there will be many more birthdays to come. But I am unlikely to have another 21 years in the job as Chancellor of the University. “I say this with a heavy heart, trusting that I will still be able to work for Oxford University (which I love) from time to time. “I think it is true to say that Oxford as a whole made …