The Institute for Fiscal Studies has warned Chancellor Jeremy Hunt against announcing tax cuts in the upcoming budget unless he can provide a credible plan for funding them. Leading economic think tank, the IFS, has criticised Hunt’s financial planning, calling it “dubious” and insinuating that it lacks credibility. The IFS predicts that if Hunt were to proceed with tax cuts, it would require £35 billion of cuts from already “threadbare” public services.
The i newspaper similarly leads with a story about proposed tax cuts. It reveals that Chancellor Hunt hopes to announce a 2p cut in personal taxes, potentially to appease pressure from other Conservative MPs.
The ongoing row over comments made by Conservative MP Lee Anderson regarding London Mayor Sadiq Khan has been covered in today’s Times. The paper reports on Rishi Sunak’s claim that he is “living proof” that Britain is not a racist country. In addition, the Prime Minister has warned politicians to be “careful” and not “unnecessarily inflame” tensions. This statement came after Anderson was accused of stoking anti-Muslim hate.
The Daily Mirror has published an investigation into a “sextortion” scam. The paper reveals that children are being blackmailed over naked photos, resulting in devastating consequences. The paper details the story of a 16-year-old boy caught up in the scam, who ultimately took his own life.
Finally, the Financial Times has analysed OECD data for its lead story, finding that a global drop in house prices that hit advanced economies has “largely petered out”. The report suggests that “the deepest property downturn in a decade” may have reached a turning point.
As next week’s budget approaches, the UK is filled with anticipation as to what exactly this year will hold
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