Does anyone still believe in low taxes?
Speculation over which taxes the Chancellor will slash or, more likely, hike at tomorrow’s spring statement seems to have settled on two areas. First, a cut to fuel duty and, second, an increase in National Insurance thresholds, a way of tweaking the already announced tax hike to reduce the burden on the poorest. On the first point, a cut in fuel duty could cost the Treasury around £2.5 billion a year (although the government is unlikely to get much political credit if Sunak does go down this route given how quickly energy costs are rising). On the second, it looks almost certain that the Chancellor will proceed with his planned 2.5 point rise in NI
