Jeremy Hunt Warns of £38 Billion Funding Gap in Labour’s Plans and Pledges Autumn Tax Cuts

Chancellor Jeremy Hunt has raised alarms about a significant £38 billion shortfall in Labour’s financial plans.

In a politically charged speech, Hunt underscored the importance of fiscal responsibility, contrasting his party’s approach with what he described as Labour’s potentially damaging economic policies.

Commitment to Further Tax Cuts

Hunt expressed his intention to further reduce taxes, particularly national insurance, this autumn if it can be done without increasing borrowing or cutting essential services.

He emphasized the Conservative Party’s commitment to fiscal prudence and long-term economic growth.

Labour’s Alleged Economic Risks

Hunt accused Labour leader Keir Starmer of planning tax increases that would be inevitable if Labour were to win the next election.

He claimed that Labour’s spending commitments far exceed their proposed funding measures, which would result in higher taxes for families across the UK.

Conservative Economic Strategy

Highlighting the economic improvements under the Conservative government, Hunt argued that difficult decisions made by his party have positioned the economy for future growth.

He criticized Labour’s employment policies, suggesting they would hinder job creation and economic flexibility.

Rejection of Labour’s Claims

Responding to Labour’s accusations of neglecting pensioners, Hunt vehemently denied these claims, calling them false and politically motivated.

He defended the Conservative record of increasing the state pension and reducing national insurance.

Boost from Mortgage Rate Reductions

Hunt also noted recent positive developments in the housing market, with major banks lowering mortgage rates.

This, he suggested, is a sign of growing economic optimism and a testament to the Conservative government’s successful economic policies.

Labour’s Counterarguments

In response, Labour accused the Conservatives of deflecting attention from their own unfunded tax plans and criticized Hunt for spreading misinformation.

Labour maintained that their policies are fully costed and aimed at ensuring economic stability without reckless borrowing.

The Path Forward

Hunt concluded by emphasizing the Conservative vision of reducing the tax burden to foster economic growth and prosperity for British families.

He urged voters to consider the long-term economic benefits of Conservative policies in the upcoming general election.

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