Jeremy Hunt, the new chancellor, warned this week he had to take “eye-wateringly difficult” decisions to balance the government’s books.
Hunt is seeking to fill a fiscal hole of about £40bn in his Budget on October 31 through tax rises and spending cuts, allowing him to meet new fiscal rules with room to spare by an expected deadline of 2027-28.
He said on Monday he wanted public debt to be falling as a share of gross domestic product and that tax receipts should exceed day-to-day spending, and will probably give himself five years to meet those targets. Below are some of his options for tax rises and spending cuts.
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