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Taxes
Ms Truss’ initial plan to cut the basic rate of income tax from 20pc to 19pc from next April is currently still in place, however, Mr Hunt’s warnings over tax rises have cast doubt on whether this will remain.
He told the BBC: “Taxes won’t go down as much as people hoped, and some taxes will have to go up.”
During the Tory leadership contest over the summer, Mr Hunt said he’d like to see income tax cuts, but these would have to be made in a sustainable way.
He said: “What you’d need is an income tax cut that is for life, not for Christmas. That means starting by saying we’re going to get the economy growing, then you get yourself in a position.”
He also said he’d like to keep ex-Chancellor Rishi Sunak’s National Insurance increase to provide more financial support to the NHS as it “needs the money”.
Ms Truss scrapped this plan in the mini-budget, and the reversal is due to come into effect in November. Whether or not this will remain is also under question.
Mortgages
After a turbulent few weeks for the mortgage market, analysts suggest this could also stabilise with Mr Hunt’s new measures.
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