Jeremy Hunt to hold showdown talks with ‘pro-growth’ MPs who want him to slash taxes
CHANCELLOR Jeremy Hunt will hold showdown talks with ‘pro-growth’ MPs who want him to slash taxes to supercharge the economy.
The MPs want No11 to use next month’s budget to reduce the tax burden which is at its highest since the second world war.
Mr Hunt was handed a £31 bn pre-Budget windfall after duff forecasts were proved wrong by soaring tax takes.
The better-than-expected finances heaped pressure on the Chancellor to cut taxes next month – but he has so far refused saying last week “it is vital we stick to our plan to reduce debt over the medium-term”.
Tory MPs will set out their case at the meeting early next week.
They will argue that the corporation tax rise – which is due to be hiked from 19 to 25 per cent in April – should be axed to encourage businesses to invest in Britain.
And they will push Mr Hunt to include more radical ideas that were championed by ex-PM Liz Truss before during her catastrophic time in office to boost the economy.
Last week, one pro-growth MP John Redwood called for the Treasury to rethink the business hike.
He warned: “The UK Treasury needs to worry its 25 per cent planned corporation tax rate may collect a lot less revenue than they think.
“Businesses are taking investment elsewhere. 25% of nothing is nothing. We need to keep the investments here.”