Jeremy Hunt faces a backlash from “red wall” Tory MPs if he uses a fiscal windfall of up to £20bn to deliver tax cuts for the rich rather than to help ordinary families with the cost of living, the Observer has been told.
The chancellor and Rishi Sunak are this weekend finalising an autumn statement on Wednesday that could include a major reduction in inheritance tax – four-fifths of which would benefit those with more than £1m at their death, according to a new report from the Institute for Fiscal Studies (IFS). Each person with more than £1m would receive an average tax cut of £180,000, the IFS states.
After another torrid week for Sunak, in which he sacked Suella Braverman as home secretary and saw the government’s policy of sending asylum seekers to Rwanda declared illegal by the supreme court, he and Hunt are determined to seize the opportunity of Wednesday’s statement to turn the political tide, finally, in the Tories’ favour. » | Michael Savage, Toby Helm and Phillip Inman | Saturday, November 18, 2023
Only an incompetent, irresponsible, uncaring fool would deliver tax cuts for the rich at a time like this! – © Mark Alexnader
