Jeremy Hunt will unveil his Spring Budget later today, which has been branded a “budget for growth”. The Chancellor is expected to say that his plan will deliver “long-term, sustainable, healthy growth” which will help to make “our country one of the most prosperous in the world”.
Mr Hunt is set to announce a new “back to work” drive, which will include up to 30 hours of free childcare for one and two-year-olds in England – expected to cost up to £4billion.
This will also include a rise in the tax-free threshold for wealthy earners in an attempt to tackle the “pension trap”, which has seen many take early retirement.
But to the dismay of many Tory MPs, Mr Hunt is not expected to include any major tax cuts in his budget – and is understood to be planning to press ahead with the planned corporation tax hike. He is, however, expected to freeze fuel duty for the thirteenth year in a row.
And this morning, the Government announced the energy price guarantee will remain in place until June.