London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

Jeremy Hunt says tax cuts will only come ‘when the time is right’

Jeremy Hunt says tax cuts will only come ‘when the time is right’

Jeremy Hunt has signalled tax cuts will only come “when the time is right” and be matched by “spending restraint”, as he sought to temper restive Conservative backbenchers’ expectations ahead of the budget in March.
However, the chancellor said he hoped to inject what he described as much-needed optimism about the country’s future, saying he wanted Britain to “have nothing less than the most competitive tax regime of any major country”.

He initially declined to comment on his own tax affairs, when asked if he had ever had to pay a penalty to HMRC after the Tory chair, Nadhim Zahawi, was reported to have done so.

“I’m not going to talk about my personal tax affairs, but I don’t think there’s anything you’d find interesting to write about,” Hunt told journalists on Friday, adding that people were not “remotely interested in personal tax affairs”.

But he went on to say in an interview shortly after: “For the record I haven’t paid an HMRC fine.”

The confirmation came after a gruelling week for the government, when ministers’ tax affairs have come under increased scrutiny after the investigation launched into Zahawi’s finances.

Zahawi has admitted to making a “careless but not deliberate” error, and not denied suggestions he paid a penalty as part of a roughly £5m settlement for non-payment of capital gains tax due after the sale of shares in YouGov, the polling company he co-founded.

Though the prime minister, Rishi Sunak, has permitted the former chancellor to continue serving as Conservative chair while his ethics advisers looks into the issue, several MPs have publicly said he should stand down.

Hunt faced embarrassment when he was health secretary in the coalition government after it emerged the Hotcourses firm he co-founded breached company law and was restructured resulting in a tax saving of about £100,000, and so sought to draw attention back to the government’s pledge to boost the economy on Friday.

In a speech at Bloomberg, the chancellor targeted economic inactivity and urged those who retired early after the Covid pandemic, or struggled to find a new job after the furlough scheme ended, to rejoin the workforce.

“We need you, and we will look at the conditions necessary to make it worth your while,” the chancellor said.

Hunt blamed Britain’s woes on “economic headwinds” that affected many countries, citing favourable growth statistics, and inflation remaining higher in 14 European Union countries. “Declinism about Britain is just wrong,” he said.

However, after pressure from Tory MPs – including the Conservative Growth Group founded by allies of Liz Truss – Hunt stressed that investment would only follow financial stability, and gave little hope that his March budget would reduce the tax burden.

“Confidence in the future starts with honesty about the present,” he said.

Hunt said “we need lower taxes” and that high rates “affect the incentives” of businesses to invest, but stressed that “sound money must come first”.

“Our ambition should be to have nothing less than the most competitive tax regime of every major country,” he said, but that would mean “restraint on spending”.

The creation of “mini-Canary Wharfs” – how Hunt dubbed the plan to reinvent Truss’s low-regulation, low-tax “investment zones” – was promised, with details about where they would be located to be announced “shortly”.

Hunt took aim at Labour, citing Keir Starmer’s pledge not to reopen the big government chequebook. The chancellor claimed the party had since made tens of billions of unfunded spending commitments.

After a cabinet away-day at Chequers, where ministers discussed gloomy polling, Hunt signalled his ambitions would not be realised immediately – paving the way for further announcements in the run-up to the next election about ways to boost growth.

“This is a project that is not going to happen in the next 18 months or the time span before the next election,” Hunt said. However, he still tried to provide hope to glum Tory MPs, adding: “Even in really difficult times, we can make incredible progress.”

Labour said Hunt and Sunak had no plan to fix “13 years of Tory economic failure”.

Rachel Reeves, the shadow chancellor, said: “Britain has so much potential. From creating good, new jobs in the industries of the future, to making our country the best place to start and grow a business, Labour’s proper plan for growth will grasp those opportunities and make our economy stronger to face up to the challenges.

“Thirteen years of Tory economic failure have left living standards and growth on the floor, crashed our economy, and driven up mortgages and bills.

“The Tories have no plan for now, and no plan for the future. It’s time for a Labour government that will build a better Britain.”
Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×