Jeremy Hunt and Rishi Sunak will hold urgent meetings in an attempt to raise money for a two-percent tax cut

In an attempt to save the Conservatives’ hopes of winning the election, Chancellor Jeremy Hunt is working hard this weekend to raise the funds necessary to reduce personal taxes by 2 pence in Wednesday’s budget. The Treasury had hoped to have about £30 billion available for handouts, but unanticipated increases in the cost of borrowing by the government have lowered that to about £13 billion, or one penny less in income tax and one penny less in National Insurance. In order to finalize the plans, which include a crackdown on non-dom tax status and may involve a tax on vaping, vacation rentals, or an additional windfall levy on oil and gas companies, Mr. Hunt is expected to meet Prime Minister Rishi Sunak this evening (Sunday). The goal is to raise additional funds for personal tax cuts.

 

In order to finalize the plans, which include a crackdown on non-dom tax status and may involve a tax on vaping, vacation rentals, or an additional windfall levy on oil and gas companies, Mr. Hunt is expected to meet Prime Minister Rishi Sunak this evening (Sunday). The goal is to raise additional funds for personal tax cuts. But some Tory MPs caution against ‘waiting for something to come along,’ pointing out that large bills for problems like the contaminated blood scandal were on the horizon and could exceed £11 billion, at a time when thousands of voters are switching from fixed-rate mortgages to more expensive options.

 

A major rift is emerging inside the Conservative Party between those who believe the PM should visit the nation immediately, before Migel Farage’s Reform Party further erodes its support, and between those who think Labour should wait until autumn over its Gaza policy. Meetings to create backup plans for an election on May 2, the day of the municipal elections, were held in government offices, as The Mail on Sunday reported last month. Despite the Prime Minister’s earlier declaration that his “working assumption” was that an early spring election would be conducted, Labour has long feared that he may call one.

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