Home » United Kingdom, an electoral gift budget for the Tories. The accounts with the deficit? The next government (probably Labour) will do them

United Kingdom, an electoral gift budget for the Tories. The accounts with the deficit? The next government (probably Labour) will do them

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United Kingdom, an electoral gift budget for the Tories.  The accounts with the deficit?  The next government (probably Labour) will do them

The economy is in recession and the party is plummeting in consensus while the country is one step away from elections. An exasperating situation for the British Finance Minister Jeremy Hunt with its fateful spring budget that ultimately leaves the British suspended between the pan of cuts to tax contributions (but not taxes), and the embers of measures that are struggling to calm the winds of inflation. In what was the presentation speech of the latest financial statement Tory before the elections, Hunt he went for broke, trying to pepper the economic promises to his people with impressive numbers: the economic growth which, after the stagnation and recession of recent months, will reach its peak this year 0,8%and the correction on the increase in public debt which instead of rising to 100% will be limited to 94,3% in 2028-2029. Data which, however, did not distract the opposition Keir Starmer. So, while Hunt reeled off plans to invest in productivity, increase jobs without resorting to immigration and make public services more efficient – for example by digitizing public health – Starmer shouted about the chaos and actual decline of the country and called for early elections for the May 2nd.

Happy for the contested voters?
From April the government will cut the so-called by another 2%. National Insurancethe contribution paid by 27 million employees and 2 million freelance British which, added to the cuts already presented last autumn, will allow them to keep themselves in their pockets respectively £900 e £650 per year. A move which in October, however, had not produced the desired result – that is, it did not drive any comeback for the Tories in the polls – but which is now designed to push “200 thousand inactive people to work, contributing to a 0.4% increase in GDP”, says Hunt. But not everyone considers it an advantageous measure. In fact, Keir warns Starmerworkers could pay the price and then find themselves paying a new ‘invisible tax’ disguised as an increase in municipal taxes, and are still disadvantaged by the freezing of income tax bands.

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Advantages in sight, however, for those that the chancellor calls i great British pubs, i 38mila pub of the whole kingdom relieved from 3% of alcohol tax increase that Hunt postponed until February 2025, when the Labor Party will in all probability have to find itself solving the problems. To fund these £13 billion cuts, the UK Treasury is hitting smokers with a new excise duty electronic cigarettes and on smoking from October 2026. Another trap for Labor who, if in government, will also have to face the increase in fuel tax that the Tories have frozen to 12 others months.

Il ‘no dom’ of discord
On ‘Budget Day’ between the two sides of the House of Commons the loud teasing between conservatives and labor exceeds the limit and the vice president of the chamber is forced to scold the parliamentarians: “Yell more quietly”. Chancellor Hunt continues to attack the opposition: “You who have no programmes, listen to ours”. In fact, however, it is precisely the measure that Labor has been loudly proposing for years that has become one of the central stones of the Spring Budget, namely the abolition of the infamous ‘Non Dom’ tax status of colonial heritage. This is a status enjoyed by millionaires who have been resident in Great Britain for 14 years but they maintain their domicile in another country and are therefore exempt from paying taxes on capital they generate abroad. An example above all: Akshata Murthythe prime minister’s billionaire wife Rishi Sunak and daughter of the founder of the Indian multinational Infosys (of which she is a shareholder) caught enjoying the status of ‘non dom’ (not domiciled in England) to avoid paying taxes on capital produced abroad. The new tax regime now provides that those entering the United Kingdom can remain exempt from taxation on capital produced abroad only for the first four years, after which he will be subject to the same tax regime as residents.

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“Having rich foreigners spending in the UK is better than abolishing Non-Dom status” was Hunt’s philosophy just two years ago. Saddled by recession and a tougher-than-expected battle against inflation, the chancellor has had to make a sharp U-turn as he desperately calculates everything that can boost the Treasury’s coffers, including the £2.7 billion a year that can now be injected by non-domiciled people. There BBC he defines it as a political theft, while he, the Labor leader Keir Starmer, already considered a future tenant of Downing Street, goes down even harder: “This is just the demonstration that the government has failed and has no more ideas. It is completely incapable of generating economic growth for families. His credit rating it’s zero, now it’s time for a new government.”

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