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Chancellor Jeremy Hunt today presents a long-awaited spring budget, under pressure to cut taxes and shore up faltering public services.
The Government is keen to court voters ahead of the impending general election, but Mr Hunt will be wary of Britain’s faltering economy and the limitations of his own tax rules.
The Spring Budget has initially been seen as a tax cut Budget, but it has since emerged that Hunt may not have the “fiscal space” to make big tax cuts due to weaker public finances after Britain entered officially in recession.
Fuel taxes, stamp duty and child tax credits could see changes
The Chancellor is expected to re-extend the fuel duty freeze at a cost of £5bn, while a 2p cut to National Insurance will cost the Treasury £10bn.
Hunt is believed to resist calls to reduce inheritance tax but could reduce the so-called “non-dom tax regime”, raising £2bn.
Hunt starts on a positive note: ‘We can now help families, not just with temporary cost of living support, but with permanent tax cuts.
“If we want growth to lead to higher wages and living standards… it can only be achieved by building a high-skill, high-wage economy.”
Real household disposable income is on track to rise 0.8 percent this year.
Debt falls from 4.2 percent of GDP this year to 3.1, 2.7, 2.3, 1.6 and 1.2 percent over the next five years.
GDP will grow 0.8 percent this year and 0.9 percent next year, 0.5 percent higher than the fall forecast.
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