Hunt reverses ‘almost all’ of mini-budget tax cuts, raising an extra £32bn per year
He says a central responsiblity for any government is economic stability.
No government can control the markets. But every government can give certainty about the sustainability of the public finances.
He says, as well as going ahead with the corporation tax increase, he is announcing other changes.
He is doing so now ahead of a staement to MPs.
We will reverse almost all the tax measures announced in the growth plan three weeks ago that have not [already started the parliamentary process].
He says this includes:
Cuts to dividend tax rates
The IR35 tax changes
VAT-free shopping for tourists
The alcohol duty changes
Hunt also says the 20% basic rate of tax will remain indefinitely.
He says these measures will raise an extra £32bn per year for the Treasury