Everything in today’s highly political statement indicated an election in the first half of next year (Photo: Stefan Rousseau/AP)this afternoon with a promise on national insurance cuts. And by the time he had finished, the shape of the next election was crystal clear.down to 10 per cent and he was going to do it at speed. He would bring in “emergency legislation” tomorrow to make sure the cut was in place by 6 January.
Why move so quickly? That became clearer with the release of the Office for Budget Responsibility (OBR) report into the state of the UK economy. It was a horror story. GDP growth for this year was actually up on its previous estimate in March, but that’s where the good news ended. The estimates for next year were revised downwards from 1.8 per cent to 0.7 per cent – the lowest growth in an election year in decades. Growth for 2025, the latest point Rishi Sunak can hold an election, was revised down from 2.5 per cent to 1.4 per cent. That downward revision is particularly restricting on Hunt. It limits his ability to hand out tax giveaways in the Budget next sprin
UK Economy Election National Insurance Cuts GDP Growth Downward Revision
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