THE UK’s Chancellor of the Exchequer Jeremy Hunt has unveiled his spring budget.
Today (Wednesday, March 6) Hunt announced he had plans for the budget to “revive” both the economy and reverse the Conservatives’ opinion poll deficit, and said he was offering “permanent tax cuts” in what he believes is a “budget for long-term growth”.
He announced another 2p cut to National Insurance contributions, following a similar move at last year’s autumn statement.
He told MPs in his Budget that the rate of national insurance for workers earning between £12,570 and £50,270 would reduce from 10 per cent to 8 per cent.
Mr Hunt said change could save the average worker £450 a year, adding up to £900 when combined with last year’s move.
Mick Whitley, Birkenhead MP, said: "The average Birkenhead household is eighteen grand worse off than in 2010. Our NHS is at breaking point. Millions of kids are living in poverty. But the focus of #Budget2024 is tax cuts that will disproportionately benefit the rich. The Tories are out of touch and out of time.”
Wallasey MP Angela Eagle said: “This Tory Prime Minister’s economic legacy is one of low growth, low wages, high taxes, and crumbling public services. We need a General Election. #PMQs #Budget24.”
This is not a tax-cutting budget.Taxes are going https://t.co/5kIfu8Pw4D burden is the highest since WW11.These ‘cuts’ are drowned out by millions of people being dragged into higher tax rates by NICs & income tax threshold freezes.And public services are crumbling #Budget24 pic.twitter.com/9EZisQ4Xu9
— Angela Eagle DBE (@angelaeagle) March 6, 2024
Ellesmere Port and Neston MP Justin Madders added: "A budget with cash bungs to marginal seats, a pre election giveaway and a measure solely about wrong footing the Labour Party- no wonder the economy and this country is in such a mess after 14 years."
During the budget announcement, Hunt increased the threshold needed for businesses to register for VAT in the UK.
In response to the Spring Budget, David Millar, Managing Director of Industrial equipment supplier in Birkenhead Heap and Partners, said: “The Chancellor’s tiny tweaks to National Insurance will do virtually nothing for Britain. The UK’s inflation is now considerably below the 60-year average and the time is right is to do something bold.
“It’s high-time Britain dispensed with the failed tax-and-spend model that has done us such harm for decades. We cannot begin to tackle long-term challenges around productivity and limp growth without an ambitious programme of tax cuts. The 2024 General Election provides a profound opportunity to re-set our economy for the better. But I won’t hold my breath.”
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