Hunt Claims Only the Tories Will Cut Britain's Tax Burden After the Election - Latest Global News

Hunt Claims Only the Tories Will Cut Britain’s Tax Burden After the Election

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Jeremy Hunt will defend major Conservative tax rises in this Parliament on Friday, but insist only his party will cut the tax burden if it wins the next general election.

The chancellor will argue that a Tory promise to cut taxes will be a key dividing line in the election, even as the overall tax burden under his party has risen to post-war highs.

“Labour likes to criticize tax rises in this Parliament and think people don’t know why they’ve been increased – the furlough scheme, the energy price guarantee and billions of pounds in cost of living support,” Hunt will say.

Hunt’s speech in central London precedes the release of official inflation data next week, which the Chancellor hopes will show inflation will fall below the Bank of England’s 2 percent target.

He sees this as a key moment for the economy. The Tories trail Labor by 20 percentage points in opinion polls and have worse economic ratings than Sir Keir Starmer’s party.

Hunt’s speech marks the start of controversy between the two major parties over the economy ahead of elections expected this fall. On Thursday, Labor said creating “economic stability” would be its top priority if it wins.

The chancellor will claim Labor’s attacks on his party’s tax rise record were “playground politics”, pointing out that Starmer’s party had backed measures to help Britain through a range of economic shocks.

Despite recent cuts to social security, the Institute for Fiscal Studies think tank said: “This remains a parliament with record tax rises.”

Meanwhile, Hunt convened technology companies and regulators on Thursday to find ways to make the country more attractive to the high-growth industry.

He hosted a summit at his gracious Dorneywood estate in Buckinghamshire to seek senior leaders’ views on what the government could do to keep tech companies in the UK and help them grow.

One person at the summit said it was “very positive” and that several people had said they were planning an IPO in London.

However, the Treasury Department declined to say how many companies attended the event or to name names.

Some major companies – including Revolut, Klarna, and ClearScore – were not present. The CEO of a major technology company said he was unaware the Dorneywood summit was taking place.

Industry figures in attendance included Monzo boss TS Anil and Eben Upton, chief executive of Raspberry Pi, the computer maker hoping to reopen the London IPO market.

The Cambridge-based company said on Wednesday it would seek a listing on the main market of the London Stock Exchange. In November it was valued at $597 million.

The Treasury said the summit “focused on what the UK has to offer to innovative companies looking to raise capital in the UK”.

One person at the meeting said tech chiefs had called on Nikhil Rathi, the head of the Financial Conduct Authority, to provide “clarity and certainty” about future regulation and take a more “growth-friendly” approach.

The UK has a proven track record of developing more start-ups than other European countries, but Hunt is seeking to overhaul London Stock Exchange rules to encourage more companies to grow in the country and go public.

He said this week he believes the reforms could help create a $1 trillion “British Microsoft.”

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