Fiscal Policy

(asked on 12th October 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, To ask the Chancellor of the Exchequer, whether he intends to announce changes to the rates of (a) Income Tax, (b) National Insurance, (c) VAT and (d) excise duties in the (i) Spring Budget 2023 or (ii) Medium-Term Fiscal Plan on 31 October 2022.


Answered by
Richard Fuller Portrait
Richard Fuller
This question was answered on 21st October 2022

The Chancellor has announced that the measures in the Growth Plan 2022 to freeze Alcohol Duty and introduce a VAT-free shopping scheme for international tourists will not be taken forward. In addition, the basic rate of Income Tax will remain at 20% indefinitely.

The government will set out further reforms to improve fiscal sustainability at the Medium-Term Fiscal Plan on 31 October.

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