British finance minister to announce fiscal statement later today
Hunt will frame his economic plans against the latest forecasts from the fiscal watchdog the Office for Budget Responsibility – and most economists expect them to follow the Bank of England in forecasting a recession in the year ahead.
Hunt is expected to highlight an expanded windfall tax on oil and gas profits, plus tax hikes aimed at wealthier Britons. They could include making more people pay the top rate of income tax, raising the levy on capital gains and hitting dividend income. At the same time, he’s expected to raise revenue by freezing the thresholds where different income tax rates kick in.
“High inflation is the enemy of stability,” Hunt will say. “It means higher mortgage rates, more expensive food and fuel bills, businesses failing and unemployment rising. He will also say fiscal and monetary policy must work together. That was not the case during Liz Truss’s short-lived administration.
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