Hunt rips up Tory economic plan in new financial statement
Jeremy Hunt has ripped up the government’s previous financial plan.
Trussonomics – the idea that tax cuts should be a central pillar of government policy – is dead.
Hunt’s new plan is as follows – announced early in order to stabilise the markets:
Reverse almost all tax measures not already part of legislation.
Keep Income Tax at 20p in the pound, rather than cutting it to 19p.
These measures will raise around £32 billion.
The energy price guarantee will be reviewed, with a view to ending it next April. Hunt says the public finances should not be affected by price volatility.
He says government departments must redouble their efforts to find savings and some areas of public spending will need to be cut. So: more austerity, as predicted.
He says he’s determined to bring public debt down. This is a pointless aim; public debt is merely an indication of the amount of private money that is used to contribute to the UK economy. There’s nothing wrong with asking for, and using, this money.
And of course, £32 billion is not £73 billion – the amount we’ve been told is needed to plug the hole that Kwarteng opened up.
Is Hunt really planning to cut public services in a vain attempt to make that money back?
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Cutting through the headlines, it appears that pro-business, multi-millionnaire Hunt is continuing with the “No Handouts” policy and enriching the “Fat Cats”.
Leaving businesses and Citizens to the market forces come April, engaging in the true Tory “Survival of the Fattest” as usual.