Estimates from the Institute for Fiscal Studies (IFS), an independent think tank, showed on Thursday. Jeremy Hunt’s, UK Foreign Secretary and Prime Minister (PM) hopeful plans for tax cuts and more defense spending carry a cost of around 36 billion pounds ($46 billion) a year.
Additional Insights (via Reuters):
“The IFS this week put a 20 billion-pound estimate on the tax cuts promised by Boris Johnson who is competing with Hunt to succeed Theresa May.”
IFS Director Paul Johnson said: “Like his rival, Jeremy Hunt has made some expensive pledges in his campaign to become prime minister.”
“Hunt’s proposal to cut tax on company profits to 12.5% from 17% would cost about 13 billion pounds a year initially, though possibly less in the longer term if it encouraged multinational businesses to book profits in Britain.”
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