Hunt attacks Starmer for ‘fake news’ as Chancellor hints another National Insurance tax cut – UK politics live
The Chancellor has released a 19-page report accusing the Labour party of digging a £38 billion black hole with Starmer’s campaign pledges
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Chancellor Jeremy Hunt unveiled new tax cuts if the Conservatives win the general election as he accuses Labour of “playground politics” following Sir Keir Starmer’s speech on Thursday.
Speaking from London, he hinted at further National Insurance cuts before the general election kicks off after Summer.
He claimed Labour’s electoral pledges would cost tax payers £59 billion over the next four years and accused Labour of “lying” and labelled “fake news” their economic plans.
He has also pledged “taxes will go down under a Conservative government” and accused Sir Keir Starmer of planning to hikes as “sure as night follows day”.
Meanwhile, David Lammy has launched Labour’s foreign policy campaign pledge as he vowed voters to reinstall trust between the UK and the EU amid security threats.
He added the country is currently facing key challenges around war and security, over-dependency with unfriendly states, and low growth around West.
Is Royal Mail being sold to a Czech billionaire?
During his speech, the Chancellor was asked by the media about the possibility Royal Meal could be acquired by foreign companies.
It comes as Czech billionaire Daniel Kretinsky’s EP Group put forward a higher proposed bid worth around £3.5 billion, according to reports.
Although he welcomed any international investors in British companies, he would still consider what the deal would mean for national security.
He said: “We do always look at national security considerations and make sure that in terms of our core infrastructure there are no risks to those going forward and any bid for Royal Mail would go through that normal process.”
Liz Truss ‘didn’t stand in his way,’ Jeremy Hunt says
Mr Hunt also said “to her credit” Liz Truss did not “stand in my way” after he was appointed as Chancellor following the fallout from her mini-budget.
The Chancellor was asked whether he agreed with Theresa May that the former prime minister’s agenda undermined public confidence in the Conservatives’ economic management.
To which he answered: “Mistakes were made and the first thing I did as Chancellor was to reverse those mistakes and I’ve been very open about it.
“To her credit, after appointing me as Chancellor Liz Truss did not stand in my way at all, and she told me very clearly I needed to do what I had to do, and I did.”
Chancellor can’t give guarantee taxes will fall under Tories
The Chancellor said he could not “look into a crystal ball and predict what’s going to happen” in the future.
During media questions, he was asked whether he could give a cast-iron guarantee that taxes will fall.
To which he said: “If you’re saying can I look into a crystal ball and predict what is going to happen in the world in the next five or 10 years, and therefore give you a cast-iron guarantee of when we will be able to reduce the tax burden and to what level, the answer is of course I can’t, and it would be irresponsible to do so.”
Labour pulls out the red card at Jeremy Hunt
Just minutes after the Chancellor accused Labour of “lying” over the state of the economy, the party hits back.
A Labour spokesperson said: “This is another desperate attempt by the Tories to deflect from their £46 billion unfunded tax plan that could lead to higher borrowing, higher taxes on pensioners or the end of the state pension as we know it.
“All of Labour’s policies are fully costed and fully funded. Unlike the Conservatives who crashed the economy, Labour will never play fast and loose with the public finances.
“Jeremy Hunt would be better spent getting Rishi Sunak to confirm the date of the election, rather than putting out any more of these dodgy dossiers.”
‘Billions of pounds of unfunded spending commitments,’ Hunt attacks
Jeremy Hunt has just released a report on Labour’s campaign pledges costs.
The Chancellor has revealed a 19-page analysis detailing how much he thinks the party’s promises would cost taxpayers.
The report says: “The result of this economic failure is a black hole of over £10 billion a year by 2028-29 or nearly £38.5 billion over the next four years. This means one of two things – either Labour will break their fiscal rules or they will have to put taxes up.
“It would be the height of irresponsibility to break the fiscal rules. It would take us back to square one. It would mean an increase to VAT, or National Insurance or Income Tax.
“This would be a hammer blow for families up and down the country.”
Chancellor: ‘We’ve taken necessary decisions’
During his speech, Jeremy Hunt has admitted living standards have fallen because of “two massive global shocks”, the pandemic and an energy crisis.
He says: “What British families know is that Conservative governments faced with those shocks don’t duck the difficult decisions necessary, as Gordon Brown did in the run up to the 2010 election when he left the government with no money and a Conservative government to pick up the pieces.
“We take those difficult decisions and I would challenge your suggestion I’m painting a rosy picture. I’m painting a brutally realistic picture.
“It has been very, very tough, but that is why people choose Conservative governments because we take the difficult decisions that are necessary.”
Jeremy Hunt’s pre -election tax pledge has now ended
Here are the key takeaways from the Chancellor’s speech:
- Hunt has attacked Labour and says he refutes “myths” that the economy is doing worse under the Tories.
- He claims the economy has faces “three massive shocks” - a financial crisis, the pandemic, and the war in Ukraine.
- He is convinced the Government has got the country “back on its feet” and it has “rewarded the trust of people who vote Conservative, because they trust us to do the right thing on the economy”.
- He slams Labour by saying the party “lied” about the economy and Starmer’s pledges will be “profound and damaging” for taxpayers.
Hunt frames election battle against Labour over tax
Jeremy Hunt claims tax is the big choice in British politics.
He says: “If we are worried about tax, I would just say one very simple thing - there is a choice.
“A future Labour government does not want to cut the tax burden. A future Conservative government will. That is the big choice in British politics. And our argument is this isn’t just about family budgets, we understand how important those are when it comes to cost of living pressures.
“Our argument is this is about the future growth of our economy... More lightly-taxed economies have more dynamic private sectors, they grow faster and in the end that means more money for precious public services like the NHS.”
Jeremy Hunt slams Labour’s economy claims as ‘fake news’
The Chancellor has branded Labour’s claims that the economy is doing worse under the Tories as “myths”.
He says: “It is a lie, I don’t make any bones about it. It is fake news. And it is an absolute disgrace to try and win this election by scaring pensioners about a policy that is not true.
“I want to say to every pensioner in the country, which is the party that wants to bring down taxis that everyone pays, and which is the party that you know will increase it?”
‘Unfunded pledges'
Hunt claims Labour will rise taxes “as sure as night follows day”.
But he adds taxes will go down under the Tories because “we will do the right thing”.
Addressing the Labour Party directly, he asks: “Come clean to the British people, which taxes will you rise to pay for your pledges?”
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