Spring Budget Live: Jeremy Hunt's budget announcement, expected changes to Windfall Tax and National Insurance
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Don't be sorry it's over, be sorry it happened
That's the Spring Budget completed. No rabbits, no surprises, and a great headache for the Scottish Tories.
We'll hear from Labour next and the SNP, and how they feel about the Budget.
Stay tuned.
Money back guarantee
Jeremy Hunt confirms 2p off National Insurance, and says it means an average £450 a year for the average person, and combined with measures last year, £900 back for 27 million people.
Dom and switch
Jeremy Hunt announces abolishment of current non-doms tax system replacing it with a "modern, simpler and fairer residency based regime".
Instead they will pay nothing for the first four years, then after that pay the same tax rate as everyone else in UK.
He claims it will raise £2.7bn a year.
Late flurry
Jeremy Hunt announces a flurry of measures on tax. A increase in tobacco duty and introduction of vaping tax, an increase on air passenger duty on non-economy seats, he abolishes furnished holiday letting regime, and scrapped multiple dwellings relief on stamp duty.
Cuts have consequences
As Jeremy Hunt talks up tax cuts, here's the IFS on what they actually mean: some public services having to be cut by a total of around £20 billion per year by 2028.
Have you tried turning it on and off again?
Talking up ways to boost the NHS, Jeremy Hunt attacks doctor's admin and poor computers.
He adds: “We will slash the 13 million hours lost by doctors and nurses every year to outdated IT systems. We will use AI to cut down and potentially cut in half form filling by doctors. We will digitise operating theatre processes allowing the same number of consultants to do an extra 200,000 operations a year".
Political banter
Budget day isn't for everyone, but it appears the Labour press team are enjoying themselves.
Cuts in everything but name
Chancellor Jeremy Hunt says there is a need for a “more productive state not a bigger state”.
He adds: “I am keeping the planned growth in day-to-day spending at 1 per cent in real terms. But we are going to spend it better".
Is there a Labour Government?
Jeremy Hunt, whose party has been in power for 14 years, of which he's been a minister for nearly 11, raises the issue of "historic underinvestment" in the regions.
Who is going to tell him?
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