Borrowing and stealth taxes fund £14bn giveaway, but public spending squeeze looms after election
Hunt announces 2p cut in national insuranceBudget: key points at a glance
Britain will go into the next general election with taxes at their highest level since 1948 despite Jeremy Hunt’s 2p budget cut in national insurance contributions – with the threat of a fresh squeeze on public spending to come after polling day.
The chancellor used a combination of higher borrowing and a range of stealth taxes to fund a £14bn giveaway package and said his ambition was to phase out NICs for employees and the self-employed altogether.
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