Jeremy Hunt will unveil a £54bn package of tax rises and spending cuts to put the UK 'on a balanced path to stability'.
On tax rises, those with the broadest shoulders will bear most of the burden, but there will be pain all around.
Mr Hunt is also expected to announce a freeze on personal income tax and national insurance tax thresholds lasting until 2028. Labour has previously said a windfall tax extension could raise an additional £50bn, and criticised what it calls the"loophole" that allows gas and oil firms to offset their tax liability if they invest back into the UK.
This"pitch rolling" helps markets get an idea of what is coming down the road and avoids spooking traders. "Families across Britain make sacrifices every day to live within their means, and so too must governments because the United Kingdom will always pay its way," he is expected to say. Former business secretary Jacob Rees-Mogg told ITV's Peston he would vote for the budget so as to not bring the government down, but warned he opposes tax increases, which he believes"risks making a recession worse".Shadow chancellor Rachel Reeves said:"The country is being held back by 12 years of Tory economic failure and wasted opportunities and working people are paying the price.
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