Five ways 2024 Budget will impact Scotland after Jeremy Hunt speech
dailyrecord.co.ukJeremy Hunt announced his Spring Budget to the House of Commons on Wednesday afternoon.The Tory Chancellor laid out his tax and spending plans in front of MPs in Westminster.They included various tax cutting and raising measures.This is only Hunt's second Spring Budget and will be the final one before the general election later this year.Although many powers are devolved to Holyrood, Hunt's announcement will still affect Scotland in many ways.
Jeremy Hunt announced that National Insurance will be cut by two per cent from April.It will now be at six per cent. It was also cut by two per cent in the autumn statement.Hunt said that this will save the average earner £450 a year.It had been reported that Hunt had considered reducing income tax but decided that this would be too costly.
The Tory chancellor announced that he will continue to make North Sea oil and gas companies pay more tax on their bumper profits until 2029.He said it will raise £1.5 billion.
The tax was previously meant to end in 2028.The move may not be popular with the Scottish Tories as their leader Douglas Ross reportedly had to be "talked down" from resigning when he heard about the decision to extend the levy.
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