Chamber News
Hunt hints at another National Insurance tax cut
20 May 2024 • Sarah Medcraf
Jeremy Hunt has hinted at another possible National Insurance cut before the general election.
The chancellor defended the UK's record tax levels, which he said were necessary to cover the costs of protecting the public from pandemic costs and soaring energy bills.
Mr Hunt claimed taxes would go up under a Labour government to plug a "black hole" in their economic plans.
Labour said its policies were "fully funded" and claimed Mr Hunt's plan to eventually abolish National Insurance altogether would create a "black hole" in the UK's finances.
The economy will be a key issue at the general election – and both the main parties are trying to shape the narrative, despite the date of the vote not being announced yet.
The backdrop to Mr Hunt’s highly political speech in Westminster read "Labour's Tax rises".
On National Insurance, Mr Hunt said: “If we can afford to go further, responsibly, to reduce the double tax on work this Autumn that is what I will do."
It remains unclear whether there will be an Autumn Statement before the next general election, which must be held by January 2025.