Budget 2024: What is Jeremy Hunt's record on reducing and increasing taxes?

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Jeremy Hunt will make his spring budget announcement this week, amid reports he could somehow cut household taxes British.

Among the measures announced are a reduction in income tax, a further reduction in national insurance and even the abolition of inheritance tax.

However, Mr. Hunt has tried to manage expectations in recent weeks, emphasizing that he is focused on the long term.

"It doesn't seem to me that we will have the same room for tax cuts in the spring budget as the one we had in the autumn declaration,” the chancellor said in February. “But we also want to be clear that the direction we want to take is to reduce the tax burden.”

The Institute for Fiscal Studies (IFS) expressed concern ahead of the budget , warning the Chancellor not to ignore the impacts of higher inflation on public service budgets in favor of eye-catching tax cuts.

Here's your guide to all the tax initiatives put in place by Mr Hunt so far:

Jeremy Hunt leaves No 10 after being named chancellor

Income tax

Mr Hunt's first move as Chancellor was actually to raise income tax. Or rather, he reversed the 1 percent reduction in the base rate of Kwasi Kwarteng's disastrous mini-budget to 19 percent, bringing it down to 20.

The chancellor also reversed the decision to abolish the highest tax rate. , which remains 45% on incomes above £125,140.

This retains the three rates that the UK has kept since 2013/14, with a base rate of 20% (before which you pay no tax), a higher rate of 40 and a top rate of 45. Mr Hunt has not committed to reducing the rate of income tax during his time as Chancellor.

However, in his autumn 2022 statement, the Chancellor chose to extend the freeze on the income tax threshold until April 2028. First announced by the then Chancellor, Rishi Sunak, in 2021, this measure means that income...