05 Mar 2024
Chancellor Jeremy Hunt could raise revenue on Air Passenger Duty (APD) in the Spring Budget, reports suggest.
Reports have hinted that the Chancellor is considering a range of options that would permit him to make billions of pounds of personal tax cuts. One of these options is to increase APD for business travel, which would mean a rise in business class air fares.
Mr Hunt is also said to be considering a tax on vapes and abolishing the non-dom tax status.
Commenting on the upcoming Budget, Mr Hunt stated: 'It is going to be a prudent and responsible Budget for long-term growth.
'When it comes to tax cuts, I do believe that if you look around the world, countries with lower tax tend to grow faster - North America, Asia - and so I do think in the long run we need to move back to being a lower taxed, more lightly regulated economy.
'It would be deeply unconservative to cut taxes in a way that increased borrowing, wasn't fully funded.'