With the Conservatives trailing Labour by around 20 percentage points, Chancellor Jeremy Hunt is under a lot of pressure to announce crowd-pleasing tax cuts when he stands up to deliver the Spring Budget later today.
According to the latest reports, Hunt’s statement will be a two-percentage-point reduction in national insurance, costing about £10bn a year. The Spring Budget is also expected to contain a £5bn boost for motorists as Hunt is rumoured to be looking at continuing the freeze in fuel duty that’s been in place for several years.
The Chancellor has said any tax cuts will be offset by tax hikes, and there have been some hints as to the taxes Hunt could raise in the Spring Budget. These include a new tax on vaping and the potential removal of the non-dom tax regime.
City A.M. will be covering the Spring Budget live from its newsroom in the heart of the City of London so stay tuned for further updates.
