On Wednesday the Chancellor Jeremy Hunt has set the date for the Spring Budget and has commissioned the Office for Budget Responsibility (OBR) to prepare for and economic and fiscal forecast that will be presented before Parliament on 6 March.
The Prime Minister has ordered a “gear change” and according to the Telegraph Rishi Sunak could axe inheritance tax and reduce income tax.
In a move that would benefit the wealthy, Sunak could cut inheritance tax that will most likely not be supported by Labour.
Labour has warned that Brits will be hit with “the highest” tax burden “in 70 years” and the government cannot do anything to “repair” the damage “done to our economy.”
Shadow Treasury minister James Murray said, “The next Budget will come after 14 years of economic failure under the Conservatives that have left working people worse off.
“The tax burden is set to be the highest in 70 years, with 25 Tory tax rises since the last election alone, and economic growth is on the floor.
“Nothing Rishi Sunak and Jeremy Hunt do in March can repair the damage they have done to our economy.”
Liberal Democrat Treasury spokeswoman Sarah Olney said, “This looks like a last throw of the dice by a flailing Conservative government.
“It’s too late for Jeremy Hunt to turn the tide after his record of failure has left us with growth flat-lining and public services at breaking point.
“People will never forgive the Conservative Party for crashing the economy, wrecking the NHS and clobbering families with years of unfair tax hikes.
“The only way to repair the damage done by the Conservatives is to kick them out of office through a general election.”
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