Finance Minister Jeremy Hunt Drops Most of U.K. Tax-Cut Plan
British Finance Minister Jeremy Hunt has dropped much of his plan to cut taxes for the poorest in society.
The Conservative Party’s manifesto included a £1,000 a year tax cut for people earning less than £11,000 ($15,521) a year and a tax rate cut on investment income, but it was scaled back by Hunt, who instead proposes higher taxes on companies and the wealthiest.
The British news channel, Sky News, reported that Hunt will now unveil his plan on Wednesday as part of an “Innovation Town Hall” event.
The announcement came as the U.K. parliament debates whether to give Parliament greater fiscal powers while the country prepares to leave the European Union.
“The proposals I will be announcing on Wednesday will be fully costed and we will be proposing them at the first opportunity,” Hunt told Sky News on Friday.
“We will have to go through to government if there is a vote on it and I believe it is important that I put the proposals out there in front of the British people, particularly after it was announced, as well as at the Budget. It is important that we talk to the British people about what we believe to be in the British people’s interests.”
The British news channel Sky News reports that the plans will be “fully costed and we will be proposing them at the first opportunity.”
British Finance Minister Jeremy Hunt on what will be his Liberal Democrat coalition party’s plan for the economy and fiscal policy. Sky News
While the Liberal Democrat’s proposed cuts to the government’s deficit are more generous than those proposed by the Tories, there are several areas where the party’s plan for fiscal policy differs significantly from those of the Conservative party.
The British news channel Sky News reports that the plans will be “fully costed and we will be proposing them at the first opportunity.”
The announcement came as the U.K. parliament debates whether to give Parliament greater fiscal powers while the country prepares to leave the European Union.
“I think the key message for the next four weeks is for the public to come and see