Alcohol duty freeze
Drinkers will be raising a glass to Jeremy Hunt today for announcing a freeze on alcohol taxes until 2025.
The Chancellor used his Budget to hold booze duties at their current rate rather than increase them with inflation.
It means producers should not have to hike the price of beer, wine and spirits to offset raised levies.
Hunt said: ” This benefits 38,000 pubs all across the UK – and on top of the £13,000 saving a typical pub will get from the 75% business rates discount I announced in the Autumn. We value our hospitality industry and we are backing the great British pub.”
Inflation to return to 2% in “a few months”
Hunt is now reading out the economic forecasts from the Office for Budget Responsibility.
After peaking at 11 per cent, he says inflation is set to return to the 2% target “in a few months’ time”.
He tells MPs: “That did not happen by accident. Whatever the pressures and whatever the politics, a Conservative government, working with the Bank of England, will always put sound money first.”
Hunt: Labour would wreck economic progress
Hunt lays into Labour’s economic plans and says a Starmer government would ruin the progress made under the Tories.
He tells MPs: “Their plans destroy jobs with 70 new burdens on employers, reduce opportunities by halving new apprenticeships, and risk family finances with spending that pushes up tax.
“Instead of going back to square one, the policies I announce today mean. More investment. More jobs. Better public services.”
Hunt: We have survived economic headwinds
Jeremy Hunt is laying out the state of the nation’s finances, and claims Britain has weathered economic storms.
He says: ” Despite the most challenging economic headwinds in modern history, under Conservative governments since 2010, growth has been higher than every large European economy, unemployment has halved, absolute poverty has gone down, and there are 800 more people in jobs for every single day we’ve been in office.”
£1million fund to honour Muslim soldiers
Jeremy Hunt starts the Budget pledging a £1million fund to build a memorial to honour the Muslims who died in both world wars.
He says: “As we mourn the tragic loss of life in Israel and Gaza, the Prime Minister reminded us last week of the need to fight extremism and heal divisions.
“So I start today by remembering the Muslims who died in two world wars in the service of freedom and democracy. We need a memorial to honour them.”
Jeremy Hunt begins the Budget
The Chancellor is now on his feet to begin the Spring Budget 2024.
He is expected to speak for around an hour.
