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JEREMY HUNT VOWS TO SLASH TAXES IN HIS MARCH 6 BUDGET TO HELP PROPEL A
CONSERVATIVE ELECTION VICTORY - JUST LIKE DID NIGEL LAWSON IN THE 1980S

By Glen Owen Political Editor 17:00 20 Jan 2024, updated 17:15 20 Jan 2024


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 * Jeremy Hunt vows to emulate 1980s Chancellor Nigel Lawson to beat Labour

Chancellor Jeremy Hunt has vowed to emulate Nigel Lawson, the tax-cutting
Chancellor whose radical economic policies led to the Big Bang in financial
markets and helped Margaret Thatcher win a third term in 1987.

Writing in the Mail on Sunday, Mr Hunt says that he will use his Budget on March
6 to start cutting taxes in a way which was ‘both affordable and boosts our
growth’.

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He says: ‘The most dynamic economies tend to be places with lower taxes. The
lesson is clear: supporting businesses with competitive taxes - not more
government spending - is the way to growth. 



'We Conservatives have always known that, of course - but it is worth
remembering. The plan is working. That’s why we need to stick to it. It means
cutting taxes, not raising them.’

His words come after the Financial Times reported that Mr Hunt could be handed
an extra £10bn of ‘headroom’ for deeper tax cuts than expected as a result of
lower Government borrowing costs.

Chancellor Jeremy Hunt says that he will use his Budget on March 6 to start
cutting taxes in a way which was ¿both affordable and boosts our growth¿ Hunt
has vowed to emulate Nigel Lawson (pictured right), the tax-cutting Chancellor
whose radical economic policies led to the Big Bang in financial markets and
helped Margaret Thatcher (left) win a third term in 1987


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Citing Lord Lawson, who died last year aged 91, Mr Hunt writes: ‘Just as Nigel
Lawson positioned the City of London for the finance boom in the 1980s, this
period of Conservative Government has seen the UK positioned for the massive
technological boom we’re set to see in the coming years.’


READ MORE: 'TAX CUTS TO COME' IN CHANCELLOR'S SPRING BUDGET 

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In addition to his deregulation of the markets, Lord Lawson boosted share
ownership, paid off government debt and - most strikingly - cut the basic rate
of income tax by 2 percentage points in 1988.

Prime Minister Rishi Sunak has also hailed Lord Lawson as an inspiration for
super-charging the country’s entrepreneurial forces. Mr Sunak said on Friday
that there would be ‘more to come’ in terms of tax cuts.

The FT said that economists estimated that the Office for Budget Responsibility
first forecast before the Budget will predict that he will be able to enjoy
£6bn-£10bn of extra headroom against his fiscal targets, from £13bn at his
Autumn Statement to more than £19bn. 

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Mr Hunt spent £10bn in his autumn statement by cutting 2p from National
Insurance; a further 1p cut in the basic 20p tax rate in the Budget would cost
the Treasury £7bn. 

Repeated rumours of a cut in Inheritance Tax are played down by Government
sources, on the grounds that it would not put as much money in the pockets of
key, swing voters. No.10 is keeping open the idea of a second Budget in the
autumn, before a November election.

In his article, Mr Hunt says that he is ‘brimming with confidence about the
fundamental strengths of the British economy’ and describes the UK as ‘a country
that is really going places, despite the twin blows of a pandemic and Putin’s
energy shock’.

He writes: ‘Underneath the bonnet, the changes we Conservatives have implemented
have been more fundamental still – an economy tilted towards the industries that
are set to grow the fastest this century.’

 

Because we have been careful we can start cutting taxes again, writes JEREMY
HUNT – starting this month

By Jeremy Hunt

I was in Davos this week, and during a whirlwind of meetings with top CEOs from
the likes of Microsoft, Moderna and Accenture, they kept telling me that Britain
is ripe for investment.

But we need to better at shouting about our strengths.

An economy as open as ours is bound to be exposed to turbulence in the global
economy. But these conversations, and many more like them that I have had in
recent months, have left me brimming with confidence about the fundamental
strengths of the British economy.

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Major companies are hungry to invest here. They can see a country that has grown
faster than France, Germany, Italy and Japan since 2010. A country that is
really going places, despite the twin blows of a pandemic and Putin’s energy
shock.

Since Rishi Sunak became Prime Minister, we have been working on five
priorities. Three of these are economic – to halve inflation, grow the economy
and reduce debt. Over a year ago, some were predicting the longest recession in
100 years. Inflation was over 11 per cent. Today, we have more than halved the
rate of inflation. There is growth in the economy. Employment remains at near
record highs. And wages have outstripped prices for the fifth month in a row.


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Global challenges have made life tough for people in Britain, but the economy is
now turning a corner and we are now starting to see the fruits of our plan.
Because of our careful management of the economy, we can start cutting taxes
again in a way is both affordable and boosts our growth – starting this month
with a tax cut for 27 million people worth £450 to a worker on the average
salary.

As a result, the UK’s tax rate for those on average salaries is now lower than
the US, France, Germany and Japan.

Businesses are betting on Britain’s future, and they are right to. Thanks to
‘Full Expensing’ - the biggest business tax cut in modern British history - we
have the lowest headline rate of corporation tax in the G7 and the most generous
capital allowance regime of any major advanced economy.

ADVERTISEMENT



READ MORE: JEREMY HUNT HAILS RELIEF FOR BRITS AS WAGES OUTSTRIP INFLATION BY
1.4% - THE HIGHEST SINCE 2021 - WHILE JOBS MARKET HOLDS FIRM AND INACTIVITY
EDGES DOWN… SO WHEN WILL INTEREST RATES START FALLING? 

ADVERTISEMENT


The independent Office for Budget Responsibility themselves say these two
measures will increase the number of people in work and grow the economy.

So although times are still tough, and we know the job is now done, we’re making
real progress. My priority in the upcoming Spring Budget will be to build on our
progress and go even further to drive economic growth. Because if we can
sustainably grow the economy, we can relieve the pressure on families and
generate the revenue necessary to invest in the public services we all rely on.

But it is deeper than that. Just as Nigel Lawson positioned the City of London
for the finance boom in the 1980s, this period of Conservative Government has
seen the UK positioned for the massive technological boom we’re set to see in
the coming years.

We are now the undisputed tech leader in Europe. The UK tech industry is worth
three times as much as Germany’s, twice as much as France’s - with more British
tech companies worth over $1billion than both countries combined.

Over the last 20 years the UK has attracted more ‘greenfield foreign investment’
than Germany and France combined.

In 2021 and 2022, the UK overtook China to become the second highest destination
country for foreign direct investment behind the United States.

And foreign investors in the renewables sector have invested more capital in the
UK than the US, Germany, France, India and China - combined.

That success begets further success, as we see with the $1 billion investment
from Google into Hertford-shire this week. Or Microsoft’s $2.5billion investment
into the UK’s burgeoning Artificial Intelligence sec-tor late last year.

ADVERTISEMENT


And while the transition to advanced manufacturing is not always easy, the UK’s
manufacturing sector is flourishing, with the UK overtaking France last year to
become the world’s eight largest manufacturer. Let’s not forget: under the last
Labour government, over 1.5 million jobs were lost in our manufacturing sector.

His words followed those of Rishi Sunak (left), who pledged on Wednesday to
'keep cutting people's taxes'

That success was carefully nurtured but requires equally careful management in
the years ahead.

As I look around the world, I see the economies in North America and Asia
growing the fastest. The most dynamic economies tend to be places with lower
taxes. The lesson is clear: supporting businesses with competitive taxes - not
more government spending - is the way to growth. We Conservatives have al-ways
known that, of course - but it is worth remembering.

The plan is working. That’s why we need to stick to it. It means cutting taxes,
not raising them.

And it means reducing borrowing to keep interest rates down, not unfunded
spending commitments that would see them spiralling.

The alternative is Keir Starmer who would undo this economic progress and take
us back to square one. He can’t say how he’d fund his £28 billion a year
spending spree, because he doesn’t have a plan to pay for it - which would mean
higher taxes, higher interest rates and a weaker economy. £28 billion is double
what we spend on the entire police force, and their plan requires that spend
every single year.

That is exactly the approach that would imperil this success and weaken growth.
And it would put at risk all the progress that we’ve seen and take us back to
square one.

ADVERTISEMENT


Underneath the bonnet, the changes we Conservatives have implemented have been
more fundamental still – an economy tilted towards the industries that are set
to grow the fastest this century.

Our plan is working, and if we stick with it we will continue keep building a
stronger economy where hard work is rewarded, where ambition and aspiration are
celebrated, and where young people get the skills they need to succeed in life.


SHOP SALES GO ON AFTER BLEAK XMAS

High street stores are continuing to offer large discounts in the January sales
against the background of figures showing a disastrous Christmas for many.

Retailers including online stores suffered their biggest monthly fall in sales
in December since the pandemic lockdowns.

The slowdown was worse than expected as families had a frugal festive season due
to the cost of living crisis.

The total volume of items purchases plummeted 3.2 per cent in December versus
November and the value of those sales fell 3.6 per cent. The volume was also 2.4
per cent less than the same month the year before.

The slowdown appears likely to continue through early 2024, taking demand out of
the economy which might speed up falls in inflation.

As a result, that could allow the Bank of England to go ahead with expected cuts
in interest rates.

ADVERTISEMENT



SHARE OR COMMENT ON THIS ARTICLE: JEREMY HUNT VOWS TO SLASH TAXES IN HIS MARCH 6
BUDGET TO HELP PROPEL A CONSERVATIVE ELECTION VICTORY - JUST LIKE DID NIGEL
LAWSON IN THE 1980S

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1 / 6
Chancellor Jeremy Hunt says that he will use his Budget on March 6 to start
cutting taxes in a way which was ¿both affordable and boosts our growth¿
2 / 6
Hunt has vowed to emulate Nigel Lawson (pictured right), the tax-cutting
Chancellor whose radical economic policies led to the Big Bang in financial
markets and helped Margaret Thatcher (left) win a third term in 1987
3 / 6

4 / 6

5 / 6
His words followed those of Rishi Sunak (left), who pledged on Wednesday to
'keep cutting people's taxes'
6 / 6




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