Chancellor Jeremy Hunt is preparing to raid the profits of banks and energy companies in an attempt to fill a £40bn fiscal hole through a mix of tax rises and public spending cuts.
Hunt’s Budget on October 31 is due to include big tax rises, with allies of the chancellor saying they expect him to target the earnings of lenders and oil and gas companies. He has spoken of “eye-wateringly difficult” decisions.
The chancellor told a sombre cabinet meeting on Tuesday that ministers would have to exert tight spending control, as he tries to prove to financial markets that he can bring Britain’s deficit under control.
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