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Philip Hammond 'looking at tax rises'

Philip Hammond 'looking at tax rises'

John Ashmore

1 min read

Philip Hammond is reportedly looking at raising taxes in a number of key areas in a bid to close a £1bn gap in the public finances.

The Chancellor has instigated a line-by-line review of public spending in order to find savings after the Tories were forced to dump cost-cutting manifesto measures.

The party had pledged to find savings by means-testing the winter fuel allowance and ending the triple lock on the state pension, but Theresa May had to ditch the plans after losing her Commons majority.

The Government has also committed to an extra £1.5bn of spending on Northern Ireland over the next two years as part of its confidence and supply arrangement with the DUP.

The Treasury is now understood to be looking at cutting pension tax relief, ending a freeze in fuel duty and increasing council tax on bigger houses. 

A source at the department said plans at the moment are just in the “blue skies thinking stage”. 

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