Former foreign/health secretary and until recently backbencher, Jeremy Hunt, is now the seventh chancellor put forward by the encumbent Conservative government.
It's a long list but since 2010 the UK has had Osborne, Hammond, Javid, Sunak, Zahawi, Kwarteng, and now Hunt in charge of the nation's finances. Some have been able to be in the role long enough to lift the red briefcase others, not so long.
With Kwarteng's (who was following the growth plan of new and endangered PM Liz Truss) budget now to be effectively torn up - what can we expect at the end of this month.
Firstly we know that it will have to be fully costed by the OBR. Secondly there will be, according to Hunt himself:
- Tax rises - we've had a u-turn on the reduction of the corporation tax rate to 19 percent, it's now definitely 25 percent next year.
- Taxes not falling as fast as previously promised - this is a strong hint that the 19 percent basic rate cut is likely now toast.
- Lowered spending plans - this is complicated but the growth plan will be heavily tightened.
- Spending cuts - Hunt has asked departments to find effiencies and has said it will be painful, but said he is trying to increase universal credit and benefit by the 10 percent current inflation rate.
Here is a quick calculator comparing today to what Hunt's plans could be for tax starting from the coming April - basically keeping the NIC reversal and 45 pence top rate, but no more 19 percent basic tax band:
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Show figures in:
Other tax changes hinted are going to possibly affect dividends, but we'll look at that more in detail nearer the Halloween Budget itself.