JEREMY Hunt today admitted taxes will stay “higher for a while” as Brits face plummeting living standards.

The Chancellor defended his decision not to slash income tax at yesterday’s Spring Budget, instead insisting the government will make cuts “when we can”.

Jeremy Hunt has defended imposing the highest tax burden on Britain since WWII

1

Jeremy Hunt has defended imposing the highest tax burden on Britain since WWIICredit: The Mega Agency

He said income tax needed to stay put to pay for household energy bill help and cost of living support packages.

“Those all have to be paid for,” Mr Hunt told the BBC.

“I think it is the right thing to do to get through these difficult periods.

“But we have to be honest with people. It means that for a while the burden of tax is going to be higher.

Martin Lewis weighs in on Budget changes to childcare, pensions and energy bills
Hunt hails ‘biggest childcare transformation' after unveiling 30hrs free care

“But Conservatives cut taxes when we can.”

Following the Spring Budget – which included a 6% hike in corporation tax – Britain faces its highest tax burden since WW2.

Taxes as a share of GDP are set to hit 37.7% by 2027-28.

That’s a 4.7 percentage point increase since 2019-20.

Most read in The Sun

While the Office for Budget Responsibility predicts the UK will AVOID a recession, living standards are forecasted to plummet.

Typical household disposable incomes are on course to be lower by the end of 2027 than they were pre-pandemic.

Analysis from the Resolution Foundation found that even if the slow growth of the past decade continued, incomes would still be £1,800 higher than projected for 2027.

Torsten Bell, Chief Executive of the Resolution Foundation, said: “Jeremy Hunt’s first Budget was a much bigger affair than many expected, combining improvements to the dire economic and fiscal outlook with a significant policy package aimed at boosting longer-term growth.

“But stepping back the UK’s underlying challenges remain largely unchanged.”

He added: “We are investing too little and growing too slowly. Our citizens’ living standards are stagnant.

“We ask them to pay higher taxes, while cutting public services. No one Budget could turn that around, but it’s time Britain did.”

This post first appeared on thesun.co.uk

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Major change for 30,000 households on tax credits coming – will you be affected?

TENS of thousands of Brits on tax credits will see a major…

The sports stars cashing in on fame to promote high-risk investments

Gold medal-winning British athletes are today under fire for promoting high-risk investments…

EuroMillions – Lucky UK winner SCOOPS £195million jackpot – making them the biggest winner ever and richer than Adele

A LUCKY winner has tonight scooped the biggest ever National Lottery jackpot.…

BUSINESS LIVE: BoE expected to keep rates on hold; Thames Water names new boss; Currys sales slump

The Bank of England’s Monetary Policy Committee is expected to keep base…