Martin Lewis Money Show: Jeremy Hunt hints at further tax cuts in Money Saving Expert interview

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Jeremy Hunt has hinted that further tax cuts might be on the playing cards following the latest discount in nationwide insurance coverage.

The Chancellor, who will ship a spring Budget in March, informed the Martin Lewis Money Show Live on Tuesday night that taxes is not going to return to pre-pandemic ranges in “one go”. However, Mr Hunt didn’t give any timetable for when further cuts might happen.

“After a period in which taxes have gone up in order to pay for the costs of the pandemic or the £3,500 of help we gave people in the cost of living crisis to a typical family, we now want to bring that tax burden back down,” Mr Hunt informed the presenter.

“Now we can’t get all the way back to where we were pre-pandemic in one go, but we can make a start. And this is about £1,000, just under £1,000 for a typical two-earner family. But we would like to go further as and when it’s affordable and responsible to do so.”

It comes after a two proportion level lower in nationwide insurance coverage, from 12% to 10%, took impact final Saturday.

Several economists have pointed to the truth that regardless of the nationwide insurance coverage lower, many households are nonetheless going through the burden of excessive taxes. Labour additionally branded the transfer a “raw deal”.

There is concept in Westminster that further tax cuts might be introduced in the spring price range on 6 March, with a normal election anticipated in the second half of the yr. Some Tory MPs are lobbying the Chancellor to push forward with tax cuts in a bid to woo voters.

In the identical interview, Mr Hunt additionally stated that the carer’s allowance of £76.75 per week was by no means meant to be a alternative for revenue.

He stated: “We keep all the benefits under review. What I would say is the carer’s allowance was never meant to be income replacement. It’s meant to be support for people doing caring duties. But lots of people do caring duties for members of their family and people they know well.

“But I don’t think it’s possible for the state to fully replace income. But we have increased the carer’s allowance and we will continue to keep it under review.”