Article preview: With less than a week to go before the Budget, Chancellor Philip Hammond appears to be facing less pressure to hikes taxes in order to meet promises to fund healthcare. There are reports that the Treasury has received a significant Budget windfall as a result of revisions to Office for Budget Responsibility public finance forecasts. The FT has reported that revisions to the independent Office for Budget Responsibility’s forecasts are set to reduce the deficit for 2018/19 by around £13 billion. This is important because Prime Minister Theresa May pledged earlier this year to raise an additional £20 billion a year by 2023 to pay towards the cost of running the NHS.
Pressure off for Budget tax hike
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This 512 word blog post looks at speculation the deficit forecast has been cut ahead of the Budget, reducing pressure on Chancellor Philip Hammond to hike taxation in order to raise money for healthcare spending. It also talks about a potentially record year for inheritance tax receipts and what this could mean for a review of inheritance tax, due to coincide with the Budget. Written on 23rd October 2018.
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