What’s in the budget all taxes and cuts of the British government
The British Conservatives are staking everything on the Autumn Statement, the budget law. All the most discussed numbers and measures of Hunt's finance. Daniele Meloni's point
"If you are a British citizen, you have a duty to show compassion." The UK Chancellor of the Exchequer, Jeremy Hunt, began with this sentence in a House of Commons packed like never before to hear his Autumn Statement , the budget law, on the success of which the Tories stake a good part of their chances of being reconfirmed at the government of the country in 2024.
If it is not the case to bother the "tears and blood" of Churchillian memory, we are close. Tax increases and public spending cuts for everyone and a recession that is now being talked about openly, according to the forecasts of the Office for Budget Responsibility (OBR) . Hunt said that the measures taken by the government – Premier Sunak was next to him who followed with an assertive posture – are aimed at consolidating the country's budget to make it grow again in 2024 and 2025.
So what are these measures that cause so much discussion? First of all, the maximum tax threshold at 45% is lowered from 150,000 to 125,000 pounds. This means that for those who earn the most there will be a disbursement towards the exchequer of over a thousand pounds a year. From next April, aid to pay energy bills, which Liz Truss's mini-budget had established for two years, will be cut. At the same time, taxes on the extra profits of utility multinationals will rise to 25% to 35% between now and 2028.
The Tories have kept their promise to raise benefits for the incompetent and disabled and, above all, have confirmed the triple guarantee on state pensions, which this year will grow by 10.1% in line with inflation. This move was seen as crucial by Conservative MPs to avoid a bloodbath at the next election. From next spring, however, the national minimum wage, the National Minimum Wage , will be increased, going from 9.50 pounds per hour for the over-23s to 10.42. Sunak is the third Tory premier after Cameron and Johnson to revise a law introduced at the time by Tony Blair.
The word "recession" has scared Conservatives. According to OBR estimates, the country is already technically in a downturn , and will also be in 2023. Half a million people will lose their jobs due to the economic situation, and the public debt has risen by 400 million pounds compared to the March forecasts . From the benches of the Tory backbenchers behind Sunak and Hunt, a grave silence greeted the reading of the Declaration by the Chancellor.
Labor spoke of a "government that plays with the numbers while people suffer outside Westminster" and remarked that the abolition of the cap on bankers' bonuses planned by the duo Truss-Kwarteng was also confirmed by Sunak and Hunt. For Labor – who lead the Tories by around 20 points in polls – another concern: most of the tax increase is due in 2025, just when Sir Keir Starmer is due to be Prime Minister.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/regno-unito-autumn-statement/ on Thu, 17 Nov 2022 15:02:33 +0000.