Will the UK get tax cuts in Jeremy Hunt's spring 2024 budget?

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Jeremy Hunt will present what could be his last spring budget when he outlines the government's spending plans this week.

With the Conservative Party being lagging behind in the polls. , the chancellor is under huge pressure from backbenchers to cut taxes and win back voters ahead of the general election.

But what taxes could Mr Hunt cut and how will he finance them when he shows up at the distribution box? Wednesday afternoon?

National Insurance

On Monday morning, a 2p reduction in National Insurance Contributions (NICs) appeared to be the most likely personal tax reduction measure announced by Mr Hunt.

Mr Hunt told TV stations on Sunday he wanted to "lead the way" in reducing the overall burden, but warned he would have to show any tax cuts were affordable, " prudent” and “responsible”.

Reports suggest a 2p cut to NICs – benefiting workers – will cost the exchequer around £9bn and will be funded by a combination of other increases tax and spending cuts.

Income tax

File photo: Jeremy Hunt and Rishi Sunak

(Simon Dawson / No 10 Downing Street)

Mr. Hunt and Rishi Sunak, the Prime Minister, have made no secret of his desire to cut income tax - the preferred measure of Conservative backbenchers.

But recent forecasts from The OBR gave the chancellor far less money to spend in the budget at a time when growth in the British economy, which is in a slight recession, is weak.

And some analysts have argued that the income tax cut could fuel inflation, which remained frozen at 4 percent in January.

The occupants of No...