UK Budget Aims for Economic Boost with Tax Cuts and Public Service Reforms

Chancellor Jeremy Hunt's pre-election budget focuses on stimulating the economy and workforce participation while facing criticism over potential spending cuts and tax burden.

• Jeremy Hunt's pre-election budget introduces a mix of tax cuts and public service reforms, aiming to boost the UK economy and workforce participation.
• The budget includes a significant 2p cut to National Insurance, expected to save the average UK worker around £450 a year.
• Non-dom tax status will be abolished and replaced with a new system, aiming to ensure fairness in taxation.
• Child benefit thresholds and VAT reporting thresholds are increased, providing relief to families and small businesses.
• Despite the budget's focus on growth and tax cuts, critics argue it may lead to increased public spending cuts and a higher overall tax burden.

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