TAX 👏 THE 👏 ULTRA 👏 WEALTHY

God damn our government sucks

As always the Tories leak a few ideas (like scrapping inheritance tax) to see what people say (it’s a bloody awful idea) then implement something different when people say it’s a disaster.

I would bet that they plan on raising the allowances for either/both 20% and 40% thresholds. Those really aren’t a cut as its just removing a policy the PM put into place to increase taxation by not rising those thresholds as normal. I guess delaying Tory tax rises doesn’t quite have the same ring to it.

This is the best summary I could come up with:

Ahead of the Autumn Statement, Tory MPs on the right of the Conservative Party, including former Prime Minister Liz Truss, have been urging the chancellor to announce tax cuts.

Last week Mr Sunak sacked Suella Braverman as home secretary and the Supreme Court ruled his plan to send some asylum seekers to Rwanda was unlawful.

But there was some good news for the prime minister, as UK inflation fell sharply in October to its lowest rate in two years, largely because of lower energy prices.

Held back by high energy prices and interest rates, the UK economy has been struggling to recover since the pandemic, with the Bank of England forecasting zero growth until 2025.

The chancellor will base his spending plans on the latest economic forecast from the Office of Budget Responsibility (OBR), which assesses the health of the UK’s finances and is independent of the government.

What was clear was the extent to which Mr Hunt will try to use Wednesday to mark a new era - one in which the worst pressures of inflation have passed and the focus is on getting the economy to grow, instead of bumping along the bottom.

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