Connect with us

Hi, what are you looking for?

Top Stories

Economy

Jeremy Hunt Hints at October General Election

<?xml encoding=”utf-8″ ?????????>

Speaking before a Lords Committee, he emphasized the necessity of completing the government’s next spending review before April of the following year, indicating that “if the general election is in October, that will mean it’s very, very tight.”

The latest permissible date for an election under current law is 28 January 2025. However, Prime Minister’s “working assumption” leans towards holding one in the latter half of this year. Last week, Rishi Sunak dismissed the possibility of polling day coinciding with the already scheduled local elections on 2 May.

Addressing the House of Lords Economic Affairs Committee, Mr. Hunt also expressed hopes for another “fiscal event” within this parliamentary term, which concludes in January. Fiscal events typically involve statements outlining tax and spending decisions, such as the Budget and Autumn Statement.

“I can be quite open with you and say I hope I do another fiscal event this parliament and indeed return as chancellor after the general election and do a spring Budget,” he remarked.

Highlighting the urgency of completing the next spending review, crucial for determining public service expenditure, Hunt stressed that it must be finalized before April. He acknowledged the tight timeline, particularly if a general election were to take place in October, underscoring the importance of addressing productivity elements in advance.

While general elections in the UK are scheduled every five years, Mr. Sunak retains the authority to call one earlier if deemed necessary. With the Conservatives currently trailing behind Labour in polls, opposition parties accuse the Prime Minister of avoiding an early election.

During this month’s spring Budget, the chancellor announced a further 2p reduction to National Insurance for workers, aligning with last year’s tax cut outlined in the Autumn Statement. However, there is growing pressure from some Tory MPs for additional tax reductions, which could be unveiled in another fiscal event preceding the election.

You May Also Like

Forex

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...

Forex

The introduction of aggressive climate objectives by global economies and growing prospects for reducing carbon emissions are driving the growth of the district heating...

Forex

In the dynamic automotive sector, consistent growth of the electric vehicle (EV) charging industry has become increasingly evident. Consumers and businesses alike are recognizing...

Forex

With a higher focus on sustainable living in modern architecture, the building automation systems (BAS) industry stands as a beacon of innovation. These systems...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Secrets Of Richdads. All Rights Reserved.