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☆ Solving the looming retirement crisis means thinking differently about aging, economist says
▼ + stars: | 2024-03-16 | by ( George Glover | ) www.businessinsider.com time to read: +7 min

It's time to start thinking differently about aging, according to a new book. "We've never invested enough in old age, because we never thought we'd get there," he said. "We've never invested enough in old age, because we thought we'd never get there, and now we will." He calls for a transition to an "evergreen economy," based on channeling the world's aging population to address inequality and boost growth. AdvertisementThe looming retirement crisis underlines the need for a rethink on aging, Scott told BI.

Persons: Andrew J, Scott, We've, we'd, —, There's, Florian Gaertner, we're, that's, they've, David Bowie, Magdalena Wosinska, he's, Bryan Johnson, who's, I've, I'm Organizations: Service, Health, Institute for Fiscal, London Business School, Harvard, Bank of England, Institute for International Political, Economic, Getty, Social Security, Washington Post Locations: Oxford, Japan

LONDON, Nov 23 (Reuters) - British voters are set to suffer a "living standards disaster", despite Finance Minister Jeremy Hunt's new tax cut plan, because of the unprecedented fall in household incomes over the course of a parliamentary term, a think tank said on Thursday. The think tank said household disposable income per person was expected to fall 1.5% in 2024, when adjusted for Britain's still high rate of inflation. "But those challenges have also made things far more difficult for households: this is what a living standards disaster looks like." And that then means having to make some really difficult decisions when it comes to public spending but also raising revenue," he told Reuters. ($1 = 0.8025 pounds)Reporting by David Milliken and Bill Schomberg; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeremy Hunt's, Hunt, Rishi Sunak, Torsten Bell, Gareth Davies, Davies, David Milliken, Bill Schomberg, Sharon Singleton Organizations: Labour Party, Conservative, Reuters, Fiscal Studies, Treasury, Thomson

☆ Why the UK government's tax cuts still leave workers worse off
▼ + stars: | 2023-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

British Finance Minister Jeremy Hunt that the U.K. economy would not enter a technical recession in 2023, while announcing the government's spring Budget. The U.K. National Insurance is a tax on workers' income and employers' profits to pay for state social security benefits, including the state pension. Touted by the Conservative party as the "largest ever tax cut for workers," the move nevertheless does not shield taxpayers from the effect of frozen tax thresholds that tip more of their income into higher tax brackets, as nominal wages rise. In March 2021, then-Finance Minister Rishi Sunak announced that the personal allowance (PA) and higher-rate thresholds (HRT) of income tax would be frozen for four years until April 2026. Alongside extending the freezes, Hunt in November 2022 froze the upper earnings limit for NI contributions and lowered the additional rate hold from £150,000 to £125,140 from April 2023.

Persons: Jeremy Hunt, Dan Kitwood, Rishi Sunak's, Hunt, Rishi Sunak, Torsten Bell, Paul Johnson Organizations: British, Getty, Finance, National Insurance, Labour Party, Rishi Sunak's Conservative, Insurance, Conservative, Treasury, Institute for Fiscal Studies

☆ British tax cut spells trouble in store for next government
▼ + stars: | 2023-11-22 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

UK Parliament/Jessica Taylor/Handout via REUTERS Acquire Licensing RightsLONDON, Nov 22 (Reuters) - British finance minister Jeremy Hunt's big tax cut surprise could help the ruling Conservatives recover some favour among voters, but it threatens to store up budget problems for whichever party wins power after the expected 2024 election. Combined with his decision to make permanent the incentives for business investment announced earlier this year, Hunt's package of tax cuts would be worth about 20 billion pounds ($25 billion)a year by the 2028/29 tax year. "The giveaways announced today are funded by handing whoever wins the next election implausibly large spending cuts," Torsten Bell, chief executive of the Resolution Foundation, said. Hunt is likely to remain under pressure from within his party to go further with more tax cuts in a final pre-election budget statement expected in March. "There's a material risk that those plans prove undeliverable and today's tax cuts will not prove to be sustainable," Johnson said.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Jeremy Hunt's, Hunt, Liz, Rishi Sunak, Labour Party's, Rachel Reeves, Torsten Bell, Investec, David Jones, Paul Johnson, Johnson, William Schomberg, Elizabeth Piper, Alexander Smith Organizations: REUTERS Acquire, Wednesday, Labour, Conservative, Bank of England, Institute for Fiscal Studies, Thomson Locations: London, Britain, British

☆ UK's Hunt to cut taxes to boost economy and election prospects
▼ + stars: | 2023-11-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Buoyed by a fall in inflation, Hunt plans to use his Autumn Statement budget update speech to parliament to shift the government's focus to fixing the long-running weak growth problem of the world's sixth-biggest economy. The Times reported that Hunt would cut the headline rates of national insurance for around 28 million people and make tax incentives for business investment permanent. After the meltdown in British financial markets last year, triggered by the huge tax cut plans of former prime minister Liz Truss, Hunt and Sunak have promised to move carefully. Hunt and Sunak announced major tax-raising measures a year ago to assuage bond investors after Truss's mini-budget. Many analysts say that in the coming years whoever runs Britain will have to raise taxes further, not cut them.

Persons: Jeremy Hunt, Hunt, Rishi Sunak, Liz Truss, Sunak, William Schomberg, Mark Potter Organizations: Conservative, Labour Party, The Times, Bank of England, Institute for Fiscal Studies, Thomson Locations: Britain

[1/5] Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street for the House of Commons to deliver his autumn statement, in London, Britain, November 22, 2023. "After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track," Hunt told parliament on Wednesday in his Autumn Statement fiscal update. Hunt pointed to OBR forecasts showing the government would meet its targets for the public finances, leaving open the possibility of further pre-election giveaways to voters in his full budget statement expected in early 2024. Sunak this week promised "responsible" tax cuts, mindful of last year's "mini-budget" turmoil in financial markets triggered by his predecessor Liz Truss's plans for much bigger tax cuts. This time last year, the newly installed Sunak and Hunt raised taxes sharply to quell the bond market mayhem.

Persons: Jeremy Hunt, Stefan Rousseau, Hunt, Rishi Sunak's, Paul Johnson, we've, giveaways, Johnson, BoE, Philip Shaw, Liz Truss's, Muvija M, Paul Sandle, Sarah Young, William James, Elizabeth Piper, Alistair Smout, Andrew MacAskill, James Davey, Suban Abdulla, Farouq Suleiman, Kate Holton, Sumanta Sen, William Schomberg, Catherine Evans Organizations: REUTERS Acquire, Labour, Labour Party, Institute for Fiscal Studies, Gross, Reuters Graphics, Bank of England, Graphics, Thomson Locations: London, Britain, British

☆ UK's next government will find tax rises hard to avoid
▼ + stars: | 2023-11-20 | by ( David Milliken | ) www.reuters.com time to read: +7 min

But tax rises will be very hard to avoid for whichever party forms the next government, says James Smith, a former Bank of England economist who is research director at the Resolution Foundation, which focuses on issues affecting low and middle earners. For earlier governments, the main way to increase tax levels has been to raise the rate of national insurance - a payroll tax paid by employers and employees - and, in the Conservatives' case, higher value-added tax. Annual GDP growth averaged 2.0% from 2010-2019, compared with 3.0% from 1997-2007. Asked on Sunday about widespread reports of looming tax cuts, Hunt told Sky News: "Everything is on the table ... Higher-than-expected inflation has boosted tax revenue and overall GDP in cash terms, giving more leeway against fiscal targets as most public services' spending budgets are fixed.

Persons: Susannah Ireland, Jeremy Hunt, Rishi Sunak's, James Smith, Smith, Britain's, It's, Carl Emmerson, Hunt, Foundation's Smith, David Milliken, Mike Harrison Organizations: REUTERS, Labour Party, Bank of England, Organisation for Economic Co, Development, Britain, Conservatives, Fiscal Studies, Foundation, Reuters, Monetary Fund, Institute for Government, Sky News, British, Reuters Graphics, Thomson Locations: City, London, Britain, Ukraine

"We do want to bring down the tax burden but we will only do so responsibly," Hunt told Sky News. "The one thing we won't do is any kind of tax cut that fuels inflation." OPTIONS LIMITED AFTER HEAVY SPENDINGLabour's finance spokesperson Rachel Reeves said cutting inheritance tax would be the wrong priority in a cost-of-living crisis. "Lower taxes on working people - if the government can explain where the money is coming from - is something I would support," Reeves told Sky News. "We want to show people there is a path to lower taxes but we also want to be honest with people this is not going to happen overnight."

Persons: Hunt, Jeremy Hunt, Rishi Sunak, Rachel Reeves, Reeves, Kylie MacLellan, Andy Bruce, Emelia Sithole Organizations: Sunday Times, Labour, Sky News, Times Radio, Institute for Fiscal Studies, Organisation for Economic Co, Development, Britain, Thomson Locations: British

☆ 'Girl math' is toxic and it could be holding women back from growing wealth, says a financial specialist
▼ + stars: | 2023-10-18 | by ( Zoe Burt | ) www.businessinsider.com time to read: +7 min

To Burt, the viral TikTok trend #girlmath reiterates the stereotype that women are bad at math. But often it's more overt, as with TikTok's most recent viral trend: "girl math." AdvertisementAdvertisementWhy girl math is a negative trendSeemingly lighthearted, the hashtag plays into a damaging stereotype that women are bad at math. Girl math doubles down on gendering lavish spendingThe #girlmath trend focuses on "feminine" spending habits as lavish — another common stereotype of women and money management. Women's financial literacy is an important issueThe girl-math trend brings women's financial literacy and investing into the limelight.

Persons: Zoe Burt, Burt, —, Caroline Criado Perez, Tamina, Shakuntala Devi, Elon Organizations: Service, Evening, New Zealand, Fiscal Studies, Guardian, Behavior, Organization, Fidelity, Twitter, Invest, deVere Italia

"The discussion about where the tax burden should fall I think is one that we need to take, not now, but in a little bit (of) time," Gove told Sky News. "I would like to see the tax burden reduced before the next election," he said, adding that workers should be the focus of any such reductions. "Rishi Sunak is desperate for people to think he’s in charge," said Jon Ashworth, a member of leader Keir Starmer's team. Liz Truss, Sunak's predecessor, and other senior Conservative lawmakers signed a letter on Saturday saying they would not support "any new taxes that increase the overall tax burden". "We're not in a position to talk about tax cuts at all."

Persons: Michael Gove, Phil Noble, Gove, Sunak, Rishi Sunak, Opinium, Labour's, Jon Ashworth, Keir Starmer's, Liz Truss, Jeremy Hunt, We're, Elizabeth Piper, Alistair Smout, Andrew MacAskill, Kirsten Donovan, Hugh Lawson Organizations: Britain’s, REUTERS, Conservatives, Labour Party, Sky News, Conservative, Labour, for Fiscal Studies, Thomson Locations: Manchester, Britain, MANCHESTER, England

☆ Britain’s PM seeks to rally his party ahead of an election they are tipped to lose
▼ + stars: | 2023-10-01 | by ( Luke Mcgee | ) edition.cnn.com time to read: +7 min

London CNN —Rishi Sunak will gather with members of his governing Conservative Party on Sunday for what is likely to be their final party conference before the UK’s next general, which Sunak is currently projected to lose. Party conference season is an important date fixture in the annual British political calendar. For the governing party, conference is typically a time when members rally around the leadership and unite against the opposition, insulated from whatever is happening in the wider world of politics. Boris Johnson and Rishi Sunak led the UK government through much of the Covid pandemic. Prime Minister Rishi Sunak speaking in June on his plan to "stop the boats."

Persons: Rishi Sunak, Sunak, Boris Johnson, Dan Kitwood, Priti Patel, Margaret Thatcher, Johnson, Rishi, Reuters Johnson, He’s, ”, Yui Mok, “, Will Jennings, it’s, Brexit, Jeremy Corbyn Organizations: London CNN, Conservative Party, Conservatives, Labour Party, for Fiscal Studies, Party, Conservatives ’, British, Conservative, Daily Mail, Greenpeace, Reuters, University of Southampton, Labour Locations: tacking, Sunak, France, “, Manchester

☆ UK households shoulder 3,500 pound tax hit - IFS
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Rows of houses lie in front of the City of London skyline in London, Britain, March 19, 2023. "This is not, for the most part, a direct consequence of the pandemic," Ben Zaranko, a senior IFS research economist, said. "Rather, it reflects decisions to increase government spending, in part driven by demographic change, pressures on the health service, and some unwinding of austerity." The current parliament was likely to represent "a decisive and permanent shift to a higher-tax economy," he said. ($1 = 0.8197 pounds)Writing by William Schomberg, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.

Persons: Henry Nicholls, Boris Johnson, Ben Zaranko, Rishi Sunak, Jeremy Hunt, Hunt, William Schomberg, Andy Bruce Organizations: REUTERS, Conservative Party, for Fiscal Studies, Conservatives, Labour Party, Thomson Locations: London, Britain

☆ Higher pay makes life harder for Treasury and BoE
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. Yui Mok/Pool via REUTERS Acquire Licensing RightsLONDON, Sept 12 (Reuters Breakingviews) - UK employees and pensioners can raise a glass. Average total pay, including bonuses, rose at an annual rate of 8.5% in the three months to July, faster than inflation. The average state pension will rise from 156.2 pounds to 169.5 pounds per week, according to the Institute for Fiscal Studies. Bank of England Governor Andrew Bailey and finance minister Jeremy Hunt may, however, be crying into their beer.

Persons: Andrew Bailey, Yui Mok, Jeremy Hunt, Hunt, BoE, Bailey, Francesco Guerrera, George Hay, Oliver Taslic Organizations: Bank of England, Press, REUTERS Acquire, Reuters, Institute for Fiscal Studies, X, UBS, Warner Bros Discovery, Thomson Locations: London, Britain, Asia

☆ Why Britain’s Mortgage Holders Are Being Squeezed
▼ + stars: | 2023-07-19 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

Many people in Britain have mortgages with a rate that is fixed for only a short period, commonly two or five years, unlike U.S. mortgage rates, which are often fixed for 30 years. At the end of the fixed period, mortgage holders can shop around for different offers, usually choosing between a variable-rate mortgage — which can move up and down whenever the lender decides or with interest rates — or another fixed-rate loan. In Britain, one of the most direct ways that higher interest rates affect people is through higher mortgage rates, but the impact varies greatly across the population. Just over a third of households own their home outright, so will be insulated from rising mortgage rates. On average, households with mortgages will pay almost 280 pounds (about $365) more each month, if mortgage rates stay at their current levels, compared with March 2022 rates, according to the Institute for Fiscal Studies.

Organizations: Institute for Fiscal Studies Locations: Britain

☆ UK could borrow a leaf from Canada’s mortgage book
▼ + stars: | 2023-07-07 | by ( Edward Chancellor | ) www.reuters.com time to read: +6 min

The amount of mortgage debt rose even more sharply. This would require lenders to fix total monthly payments – of both interest and principal – relative to the outstanding mortgage balance. When interest rates rise sharply, as is happening now, repayments might be less than the monthly interest bill. The amount of mortgage debt outstanding would then increase as unpaid interest is added to the principal – a situation known as “negative amortisation”. Since borrowers always hand over a proportion of their income, mortgage payments wouldn’t shrink when interest rates decline.

Persons: Irving Fisher, ”, “, Neal Hudson, Michael Gove, Patrick Macaskie, Victor Dodig, Edward Chancellor, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Bank of England, Office, National Statistics, Bank of, Fiscal Studies, Canadian Imperial Bank of Commerce, CIBC, Reuters Graphics, Thomson Locations: United Kingdom, ”, Britain, England, Bank of England, United States, Canada

☆ Britain is facing a mortgage crisis. There are no easy answers
▼ + stars: | 2023-06-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Mortgage painThe announcement comes a day after the Bank of England raised interest rates by half a percentage point to help bring down stubborn inflation. More than 2 million UK mortgage holders paying a fixed interest rate are facing an increase of hundreds of pounds in monthly repayments when they are forced to refinance this year and next. Many borrowers bought their homes when mortgage rates were closer to 1% or 2%. That sets the country apart from other major economies, including the United States, where on both measures inflation has started to ease. After the latest rise in interest rates Thursday, Hunt said the government would “stick to [its] guns” on keeping rates high to tame high prices.

Persons: Rishi Sunak, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Matt Hammerstein, David Duffy, Debbie Crosby, James Manning, ” Max Mosley, Jake Berry, Sunak, Liz Truss, Brexit, Mark Carney, Charlie Bean, Hunt, ” — Hanna Ziady Organizations: London CNN, UK Treasury, HSBC, Lloyds Banking Group, Barclays, BCS, CNN, Bank of England, National Institute of Economic, Social Research, Virgin Money, Conservative Party, Institute for Fiscal Studies, European Union, Bank of, Daily Telegraph, BBC Radio Locations: United Kingdom, United States, Britain

☆ Bank of England hikes interest rates to 5%, stoking fears of a ‘mortgage bomb’
▼ + stars: | 2023-06-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. Many mortgage holders due to refinance their loans this year and next bought their homes when interest rates were much lower and mortgage rates were closer to 1% or 2%. Capital Economics is forecasting a 12% decline in house prices between their August 2022 peak and 2024. If interest rates must stay higher for longer to tame inflation, house prices could fall more sharply. “If mortgage rates were to stay at 6% for several years, a house price fall of 25% would be likely,” Wishart said.

Persons: we’ve, Andrew Bailey, ”, Jake Berry, Rishi Sunak, ” Simon Pittaway, Tom Bill, Knight Frank, Bill, Banks, ” Bill, “, There’s, Andrew Wishart, ” Wishart Organizations: London CNN —, Bank of England, ” Bank of England, ” Financial, “, Institute for Fiscal Studies, UK Finance, CNN, Savings, Capital Economics Locations: United Kingdom, United States, Europe, —

Nominal wage growth is the strongest in two years, economic growth is weak, and these stagflationary pressures are being sustained by persistently low productivity. This lifted the two-year yield some 43 basis points (bps) above the 10-year yield, the most inverted yield curve since 2008. The longer end of the UK yield curve is feeling the squeeze too, with the UK-German 10-year yield spread widening above 200 bps. But traders are now pricing in a peak BoE terminal rate of 5.75% early next year, above the implied Fed peak of around 5.375% later this year. That's another 125 bps of rate hikes on top of the 440 bps of tightening already delivered in the last 18 months.

Persons: BoE, Liz Truss, That's, Sterling, stagflation, Paul Johnson, Jamie McGeever, Jamie Freed Organizations: Bank of England's, Federal Reserve, Deutsche Bank, International Monetary Fund, Institute for Fiscal, HSBC, Reuters, Thomson Locations: ORLANDO, Florida, Britain, U.S, Canada, Japan, United States

☆ Britons face biggest tax rise since 1979, think tank says
▼ + stars: | 2023-05-15 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, May 16 (Reuters) - Britons face the biggest tax-raising drive since the start of former prime minister Margaret Thatcher's term of office in the coming years as more people are pushed into paying the top rate of income tax, a leading think tank said on Tuesday. Britons pay income tax at a rate of 20% on income over 12,570 pounds ($15,865) a year and 40% on income over 50,270 pounds with a higher rate beyond that. Isaac Delestre, an IFS research economist, said inflation's recent surge was pushing up nominal earnings of many workers and dragging them into the higher tax rate bracket. The Conservative Party pledged not to increase income tax rates in its 2019 election manifesto. "A third of the expected record fall in household incomes this year is likely to be a result of this tax rise," the IFS said.

☆ Brits warned they are not saving enough for retirement and face a 'risky' future
▼ + stars: | 2023-04-24 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +4 min

Richard Baker / Contributor / Getty ImagesLONDON — Workers in the U.K face a "risky" future when it comes to their pensions, according to a report released by think tank the Institute for Fiscal Studies. Almost 90% of Brits aren't putting an appropriate amount of money into their pension pots — generally considered to be around 15% of earnings, according to the IFS report. Including self-employed savers within that framework would also boost their pension pots and reduce their dependence on the state pension later in life, Savova added. Most people in the U.K. are automatically entitled to a state pension, which is currently £203.85 ($253) per week. "Increasing the State Pension Age will only escalate pensioner poverty which falls disproportionately on those who have lower incomes and retire early due to ill-health," Peaple told CNBC via email.

"Since mid-October, 10-year gilt rates have fallen, debt servicing costs are down, mortgage rates are lower and inflation has peaked. The International Monetary Fund says our approach means the UK economy is on the right track." [1/6] Britain's Chancellor of the Exchequer Jeremy Hunt holds the budget box on Downing Street in London, Britain March 15, 2023. The OBR forecast economic output would grow by 1.8% in 2024 and by 2.5% in 2025, Hunt said, compared with its previous forecasts for growth of 1.3% and 2.6% respectively. Many economists have said Hunt probably wants to hold back some fiscal firepower for closer to the next national election.

The immediate outlook is less sombre: The economy is due to shrink by 0.2% in 2023, not 1.4% as previously thought. It also said Hunt's three-year business investment incentives would bring investment forward at a cost to later years. "We're on track to meet the - relatively loose, poorly designed - fiscal rule on paper only," he said. "It's even more important that the government builds on the measures presented today and produces a more comprehensive plan for boosting growth." ($1 = 0.8282 pounds)($1 = 0.8283 pounds)Writing by William Schomberg, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Why the UK spring budget won't fix the economy's problems
▼ + stars: | 2023-03-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —The last time a British finance minister unveiled a “budget for growth,” UK financial markets crashed and mortgage rates shot up, threatening to tip an already weak economy into a deep recession. But he will deliver his budget against essentially the same gloomy backdrop: the UK economy is stuck in the doldrums. John Springford, deputy director at the Centre for European Reform, estimates that Brexit had cost the UK economy 5.5% of GDP by June 2022. SVB could depress UK bank lendingAnother factor that could weigh on the UK economy in the near term: Silicon Valley Bank. “It is likely that UK financial conditions will remain tighter (or potentially significantly tighter) over coming months than they would have been without the US banking troubles,” Pickering said in a research note Monday.

☆ UK growth demands better-directed fiscal fireworks
▼ + stars: | 2023-03-13 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

As a former health minister, Hunt is familiar with the Hippocratic Oath’s principle of “first, do no harm.” That credo didn’t resonate with former finance minister Kwasi Kwarteng. The Institute for Fiscal Studies estimates that borrowing in the current financial year is running 31 billion pounds below the November forecast by the Office for Budget Responsibility (OBR), the UK’s independent fiscal watchdog. A further 6 billion pounds will freeze fuel duties, avoiding a 23% rise from April. In November, the OBR forecast that Downing Street would meet that goal with just 9.2 billion pounds to spare. That would still cost 11 billion pounds a year but would boost investment by 5% in the long run.

☆ UK to extend energy bill help for 3 months - source
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

Government subsidies are scheduled to be scaled back from next month, meaning average annual bills would rise to 3,000 pounds ($3,600) from 2,500 pounds now. Hunt is due to deliver a budget statement on March 15, when any extension to the level of support could be announced. "The Chancellor has been clear that we will keep all our support under review... we are already doing all we can to support people struggling with high energy bills," a spokesperson for prime minister Rishi Sunak said on Friday. Hunt can count on a roughly 30-billion-pound windfall as he prepares his budget, according to the Institute for Fiscal Studies (IFS). Keeping the current level of energy subsidies would cost 2.7 billion pounds until the end of June, based on current energy price forecasts, the IFS estimated this week.

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