Borrowing and stealth taxes fund £14bn giveaway, but public spending squeeze looms after election
Britain will go into the next general election with taxes at their highest level since 1948 despite Jeremy Hunt’s 2p budget cut in national insurance contributions – with the threat of a fresh squeeze on public spending to come after polling day.
The chancellor used a combination of higher borrowing and a range of stealth taxes to fund a £14bn giveaway package and said his ambition was to phase out NICs for employees and the self-employed altogether.
