By using this site, you agree to the Privacy Policy and Terms Of Use.
Accept
WhatsNew2DayWhatsNew2Day
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Reading: Chancellor Jeremy Hunt signals new tax breaks for businesses in bid to stamp out Tory rebellion
Share
Aa
WhatsNew2DayWhatsNew2Day
Aa
  • Home
  • Contact
  • About us
  • Privacy Policy
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Follow US
© 2022 WhatsNew2Day News Network. All Rights Reserved.
WhatsNew2Day > News > Chancellor Jeremy Hunt signals new tax breaks for businesses in bid to stamp out Tory rebellion
News

Chancellor Jeremy Hunt signals new tax breaks for businesses in bid to stamp out Tory rebellion

Last updated: 2023/03/11 at 5:00 PM
Jacky 1 week ago
Share
Hunt, whose cumulative cabinet experience as Culture Secretary, Health Secretary, Foreign Secretary and now Chancellor spans nearly a decade, urges his critics to be patient with the government's fiscal plans.
SHARE

Contents
Chancellor Jeremy Hunt signals new tax breaks for companies in bid to end Tory rebellion over corporation tax in Wednesday’s budgetShare or comment on this article:

Chancellor Jeremy Hunt signals new tax breaks for companies in bid to end Tory rebellion over corporation tax in Wednesday’s budget

By Glen Owen and John-Paul Ford Rojas

Published: 17:00 EST, March 11, 2023 | Updated: 17:00 EST, March 11, 2023

Chancellor Jeremy Hunt plans to cut the ‘effective’ corporate tax rate in Wednesday’s budget as he tries to defuse dispute over next month’s planned increase.

Amid growing anger over the tax hike from 19% to 25% next month, which has angered Conservative MPs and led party donors to privately warn they will cut their funding, Hunt used an interview with The Mail on Sunday to flag new tax breaks for businesses.

He said: “The most important measure we should consider is not the general corporate tax rate, but the effective corporate tax rate.”

Hunt added that he was looking at how in other countries, “you can reduce the amount of corporate tax you pay as a company because of the incentives they are given to invest in capital: you get your money back the following year.” your tax bill.

Even Hunt’s cabinet colleague Kemi Badenoch has highlighted criticism of the move, telling the Mail on Sunday today that businesses were calling for the planned increase to be scrapped.

Hunt, whose cumulative cabinet experience as Culture Secretary, Health Secretary, Foreign Secretary and now Chancellor spans nearly a decade, urges his critics to be patient with the government’s fiscal plans.

Hunt's cabinet colleague Kemi Badenoch has highlighted criticism of the move, telling the Mail on Sunday today that businesses were calling for the planned increase to be scrapped.

Hunt’s cabinet colleague Kemi Badenoch has highlighted criticism of the move, telling the Mail on Sunday today that businesses were calling for the planned increase to be scrapped.

The Business Secretary said: ‘I’d be lying if I said they didn’t tell me they wanted lower corporate tax.’

Ms Badenoch, one of the unsuccessful Tory leadership candidates who lost to Liz Truss and is the third person to take on the trade report since September, cautioned her comments adding: “We also saw what happened when we tried to cut taxes in a way that the markets did not find acceptable last September.

“What this government is all about is sound money and we have to make sure we are balancing the books.”

The budget is expected to include a “return to work” package to address the fact that there are five million working-age adults out of work.

This is likely to focus on pension reforms to reduce incentives for people to retire early, raising the retirement age earlier, a crackdown on benefit claimants and increased childcare support for those who receive low wages.

Changes to Universal Credit will include paying child care support up front, rather than in arrears, and increasing the maximum amount people can receive in child care support from £646 to £950 for one child, and from £1,108 to £1,629 for two or more children.

More than 700,000 parents and guardians with Universal Credit who currently have no or limited job requirements will be asked to look for work or increase their hours.

Those over 50 will be offered ‘returnersships’ that offer skills training that takes previous experience into account, as well as an expansion of skills bootcamps and an expansion of the ‘Midlife MOT’ initiative aimed at helping people to ‘make informed decisions about your finances and retirement’.

Hunt said: ‘We have a historical problem in this country of being undercapitalised. We have less machinery per hour worked, less capital per hour worked and that has meant that our productivity is not as good as that of countries like Germany or Singapore. And so, yes, we need to look at the effective level of corporate tax.’

He added: ‘Even after the corporate tax increase, we will still have a lower overall corporate tax rate than any G7 country. We need to go on a journey to cut corporate taxes, but it’s not something we can do overnight.”

Other measures are expected to include a fuel tax freeze and a modest £5bn increase in the defense budget.

Share or comment on this article:

Source link

You Might Also Like

‘Chaotic and unsafe’ mental health hospital staff criticized

Bolic Bet Malou taser aboard Jetstar flight from Perth to Melbourne

Man, 37, shot to death in stairwell of Brooklyn NYCHA development

UK Govt, Health Unions Agree Pay Deal In Bid To End Strikes

UK government and healthcare unions agree final pay offer

TAGGED: bid, breaks, businesses, Chancellor, Conservatives, dailymail, hunt, Jeremy, Jeremy Hunt, news, Rebellion, Signals, stamp, tax, Tory
Jacky March 11, 2023
Share this Article
Facebook Twitter Email Print
Share
Previous Article A secret replica of the Coronation stage is being built for the King and Queen Consort to rehearse A secret replica of the Coronation stage is being built for the King and Queen Consort to rehearse
Next Article Andres Salazar Former Arizona detention officer charged with smuggling methamphetamine and fentanyl in Phoenix jail arrested again

Latest

Nadia Sharif, 17, had been in the trust's care for five years before she was diagnosed with Asperger's syndrome and took her own life.
‘Chaotic and unsafe’ mental health hospital staff criticized
News
Bolic Bet Malou (pictured outside court on Monday) was shocked on board a JetStar flight from Perth to Melbourne for refusing to change seats
Bolic Bet Malou taser aboard Jetstar flight from Perth to Melbourne
Australia
The space station discarded some garbage.  It rained fire in the California sky
The space station discarded some garbage. It rained fire in the California sky
US
Woman, 43, found dead in her Brooklyn apartment, strangled, body undiscovered for many weeks
Man, 37, shot to death in stairwell of Brooklyn NYCHA development
News
UK Govt, Health Unions Agree Pay Deal In Bid To End Strikes
UK Govt, Health Unions Agree Pay Deal In Bid To End Strikes
News
UK government and healthcare unions agree final pay offer
UK government and healthcare unions agree final pay offer
News

nba 2k23 mt

© WhatsNew2Day News Network. All Rights Reserved. Email: contact@whatsnew2day.com

  • Home
  • Contact
  • About us
  • Privacy Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?