National Treasury Outlines Priorities In 2023 Budget Speech

National Treasury Outlines Priorities In 2023 Budget Speech – 11:42am Jeremy Hunt cuts top rate of income tax 12:23pm Government keeps promise to triple lock pensions 12:21pm Benefits to rise in line with inflation 11:47 Chancellor pushes surprise tax on energy giants 11:38 OBR said. is “recession now”

The government is tackling Britain’s current economic problems, Jeremy Hunt said on Thursday night as he defended a £25bn tax hike.

National Treasury Outlines Priorities In 2023 Budget Speech

National Treasury Outlines Priorities In 2023 Budget Speech

Mr Hunt raised the tax burden to its highest level since 1948 through proposals in his Autumn Statement, while maintaining the state pension’s triple cap and increasing benefits in line with inflation.

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The chancellor cut the threshold at which people pay the 45p top rate of income tax from £150,000 to £125,140, ​​​froze a range of tax breaks and also extended a surprise levy on energy giants .

Asked if he was delaying the most pressing aspects of today’s measures, the chancellor told ITV’s Peston: “I think a Conservative chancellor standing in the Commons and announcing a £25bn tax increase – I think will not be told by anyone. This leads to the dreaded procrastination of the decision.

“It’s about dealing with this problem and what support we can give the economy over the next two years, of course we’re doing it while we’re in recession.

“At the end of the day, though, what the country wants, what the families want, is the confidence that comes from being honest about the problems, but also having a plan that gives them hope for the future, that we can get through . this, as far as we can. “

Autumn Budget 2022

Mr Hunt added that while the government “can’t do everything”, the recession “will be much shallower than it would have been” without the policy choices of the past few weeks.

Jeremy Hunt well and truly highlighted the “difficult decisions” in his autumn warning speech, prompting a muted reaction from the Tory backbenches.

Mr Hunt announced a mix of tax rises and spending cuts worth £60bn, while confirming the government would maintain the triple lock and increase benefits by more than 10 per cent in line with current levels of inflation.

National Treasury Outlines Priorities In 2023 Budget Speech

In a speech to parliament, he insisted the measures were necessary to curb inflation and said in subsequent television interviews that they would ensure Britain’s current recession – which the Office for Budget Responsibility (OBR) confirmed – was will be “shallow” than it will be. became. It is different.

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It’s a far cry from the bonanza of tax cuts announced by Liz Truss and Quasi Kwarteng in September’s ill-fated mini-budget. Now that the political waters have calmed, Mr Hunt should have a chance to put his plans into action.

His task is to avoid any backbench mutiny – and try to win public arguments over a series of tough choices that will see the tax burden hit an 80-year high and living standards drop to where they were. they In 2013, which represents the “lost decade”.

After Jeremy Hunt confirmed HS2 would go ahead this morning, senior backbencher Sir Robert Sims doubled down on his support for the project.

Sir Robert retweeted the tweet, saying: “If it promotes growth, you’re in favor of HS2. It improves connectivity and growth opportunities. It will help raise the standard of the UK.”

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David Davis, the former Brexit secretary, welcomed today’s dramatic changes to Liz Truss’ chief Investment Zones policy.

Documents released alongside the Autumn Statement read: “The Government will relaunch the Investment Zones program to catalyze a limited number of high-potential clusters working with local stakeholders to be announced in the coming month. Accordingly, expressions of existing interests will not be accepted. ahead.”

Ms Truss has planned up to 40 investment zones across the country to give businesses tax breaks and encourage house building in areas of high economic growth.

National Treasury Outlines Priorities In 2023 Budget Speech

In a tweet, Mr Davies said he was “not happy with the proposed investment zone policy or accelerated timetable”.

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“That’s why I’m glad that the government is reviewing the policy,” he added. “Investment zones are a good idea, but only if it is used correctly.

Jeremy Hunt admitted there were “real challenges for families up and down the country” following the autumn announcement.

“I’m not going to pretend it’s not going to be a difficult time,” he told BBC News. But there is a plan, there is hope, and if we follow that plan, stick with it, we can come out on the other side, make the recession much shallower than it could have been, and give hope to the families we can come back to. in. More normal.”

Jeremy Hunt visited St Jude’s Church of England after giving the Autumn Statement.

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Mr Hunt denied he was “making tough decisions” and instead insisted he was “faced” with tough policy calls, “but is facing them in a balanced way that recognizes we are in recession in next 18 months.” … Only conservatives understand that successful economies must be partially taxed if they are to be dynamic and innovative.”

As for why the tax is increasing, he cited a “very unique situation” related to the pandemic and rising fuel prices.

“Well, the Conservatives win elections when they have confidence in the economy. And what you’ve seen today is a Conservative chancellor showing a very tough way to get us out of this crisis.”

National Treasury Outlines Priorities In 2023 Budget Speech

Asked about the Office for Budget Responsibility’s warning that Britain’s finances will remain weak even after the implementation of the Autumn Statement, Jeremy Hunt said it was “correct”.

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“This is because Vladimir Putin is trying to blackmail us and all other countries in Europe and the world, which is what he is doing in Ukraine, forcing international energy prices,” he told Peston of ITV.

Jeremy Hunt visiting St Jude’s Primary School in south London this evening Credit: Stephen Russo/PA Wire

Asked if the government was “borrowing too much” before Putin’s invasion of Ukraine, Mr Hunt said: “We had a pandemic and I think it was right that we gave the NHS the resources it needed to look after people. With Covid, for the vaccine program, etc.

“At the end of the day, the message I’m saying now is that it all has to be paid for. People know that – it’s the same with their family finances.”

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“The government can’t do everything” but there is “hope for the future”, Jeremy Hunt said in interviews tonight.

“Governments can’t do everything, but we’ve done a lot, and the overall effect of these changes is that the recession we’re in now is shallower than it would have been.”

When he stepped out to make his first statement of the fall, Jeremy Hunt’s clean white shirt and neatly brushed hair contrasted with his predecessor and now boss, Rishi Sunak.

National Treasury Outlines Priorities In 2023 Budget Speech

There was the same slightly sacred scent of goodness and justice, the same impression that both men were every mother’s perfect son-in-law. The Prime Minister nodded enthusiastically in the background as Hunt began his game in accomplished, if hard-earned, fashion.

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He began with the unmistakable hint that a managed recession was coming – a list of countries worse off than Britain.

Sir Humphrey’s many euphemisms. The inevitable recession is recast as ‘shallow decline’, council tax rises as ‘flexibility’ – and people are being ‘asked’ to pay more tax.

Lord Lamont said the Truss mini-budget was a “disaster” but “argued that it had any real long-term effect”.

“It kept interest rates up for a while, but after Jeremy Hunt came in and changed a lot of the Truss measures, interest rates fell to where they were before the mini-budget,” he told Sky News.

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“I think the real impact of the mini-budget is that it means the markets are suspicious of the UK and the UK is being watched very closely and that’s what made Jeremy Hunt so difficult, why he has to be so careful… I think the mini- The main long-term effect of the budget is to limit Jeremy Hunt’s freedom of manoeuvre.’

Asked what would increase growth in the fall statement, he replied: “You cannot grow if you have a financial crisis, if you have a budget deficit that is not sustainable, if you have a debt that keeps growing. stabilization. The country’s finances have been important to grow again, and I think we will see that.

“The forecast is that we’ll have about a year of negative growth and then we’ll see the economy start to grow again. I’m sure the right thing to do is to get the finances in order first. The other thing. It will take time, but until that happens, you can’t escape inflation.”

National Treasury Outlines Priorities In 2023 Budget Speech

He said the economic outlook was “quite difficult” amid rising energy prices and the war in Ukraine, adding: “It’s a very, very difficult background. Against that, Jeremy Hunt has to put together a budget to reduce the country’s debt and i

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