Chancellor abolishes lifetime cap on amount workers can save in pensions without paying tax
Budget 2023: key points at a glance
According to the Telegraph, Jeremy Hunt faces a Tory backlash over his decision to press ahead with the rise in corporation tax from 19% to 25% in the budget. This will take effect from April this year. The increase was first announced by Rishi Sunak when he was chancellor, in his spring budget two years ago.
In theory Hunt could have abandoned the rise, but for the last two years (apart from when Kwasi Kwarteng scrapped the increase during his short-lived time as chancellor) Treasury spending plans have been based on the assumption of extra revenue coming from 25%, and so junking it would have been hard.
Mr Hunt will also try to take the sting out of the rise [to 25%] by unveiling a multi-billion pound scheme allowing businesses to reduce their tax bills by investing in the UK.
But there is already a growing backlash, as Conservative MPs warned that the tax increase would have a “chilling effect on the whole economy” if not abandoned …