![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/hunt-to-set-out-60bn-of-tax-rises-cuts/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/along-side-leader-house-commons-768801367.jpg&description=JEREMY Hunt is considering hitting Brits with up to £25 billion in tax hikes to help balance the country's finances, latest Whitehall estimates show. The Chancellor, who must fill a black hole of around up to £60 billion, is also currently targeting spending cuts in Whitehall departments which could reach £35 billion. The chancellor faces a financial black hole of up to £60 billionCredit: PA Mr Hunt and the PM are holding crunch talks ahead of the Autumn StatementCredit: PA Rishi Sunak and Mr Hunt are holding crunch talks ahead of the Autumn Statement on November 17 over how they split the cuts and tax rises. Hunt told Treasury staff last week that if he was taking between £50 and £60 billion out of the economy it would have to be "in a fair way". The Treasury has emphasised in recent days that those with the 'broadest shoulders' will bear the greatest burden with all Brits expected to pay more. It comes on the back of Bank of England forecasting that the country will be in recession until mid-2024. The freezing of income tax thresholds until 2028 is one likely option along with taking a larger slice of the energy giants' eye-watering profits. The latest Whitehall estimates come as Cabinet Minister Oliver Dowden says the government will only pursue tax rises as a 'last resort' as it moves to balance the books. He told Sky News: 'We're going to have to take difficult decisions on both tax and spending. Mr Dowden yesterday added: 'We need to bear down on spending first and eliminate waste, excessive spending and only go to tax rises, if it's a last resort. 'But given the difficulty of the public finances, there is likely to be a mix of the two.' Mr Hunt could drastically reduce the relief middle-class workers enjoy on their pension contributions as part of the cash raid. It comes as a staggering one in four homeowners fear losing their home over rising mortgage costs, a new poll reveals. Households are worried about handing back the keys to their property, defaulting){kind=link}
JEREMY Hunt is considering hitting Brits with up to £25 billion in tax hikes to help balance the country’s finances, latest Whitehall estimates show.
The Chancellor, who must fill a black hole of around up to £60 billion, is also currently targeting spending cuts in Whitehall departments which could reach £35 billion.
Rishi Sunak and Mr Hunt are holding crunch talks ahead of the Autumn Statement on November 17 over how they split the cuts and tax rises.
Hunt told Treasury staff last week that if he was taking between £50 and £60 billion out of the economy it would have to be “in a fair way”.
The Treasury has emphasised in recent days that those with the ‘broadest shoulders’ will bear the greatest burden with all Brits expected to pay more.