Government Borrowing Tops £20bn: Impact on Jeremy Hunt's Tax Cut Plans

Wednesday, 22 May 2024, 11:58

Government borrowing exceeded £20bn due to increased spending on benefits and reduced tax revenues, hindering Jeremy Hunt's tax cut proposals. The Office for National Statistics reported a budget deficit £1.5bn higher than the previous year, marking it as the fourth highest April deficit on record.
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Government Borrowing Tops £20bn: Impact on Jeremy Hunt's Tax Cut Plans

Government Borrowing Hits Record High

Government borrowing reached over £20bn in the latest financial report, primarily driven by a rise in benefit spending and a decline in tax revenues.

Jeremy Hunt's Plans Derailed

Jeremy Hunt's proposed pre-election tax cuts faced a setback as the deficit increased, posing challenges for his tax reduction strategy.

ONS Figures Highlight Concerns

  • Office for National Statistics reported a £1.5bn deficit surge compared to the previous year.
  • April deficit marked as the fourth highest on record.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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