What taxes should Jeremy Hunt cut in the Budget?

Jeremy Hunt finds himself caught in the proverbial 'Catch 22'. We need to boost economic activity while at the same time not driving up inflation, which increases (or slows the decrease of) interest rates. Personally I think a good move would be to cut the rate of VAT, especially for the hospitality and leisure sector, by 10% and the general rate of VAT by 5% for a restricted period of, say, 3-4 months. This should drive up personal spending without impacting inflation. The joy of a VAT reduction is it is a benefit to everyone, not just the higher paid. It would also prove a real Brexit benefit. Yes it's short term but I think it would give the economy the kick it needs. We really need to get the economy into action again. We can't continue in this permanent sense of malaise that is suppressing business activity. Let's do it, let's head for the sunny uplands, not dwell in the cloudy valley we appear to have found ourselves stuck in.

In an ideal world, we'd see all tax rates drop, but let's get real here. With the Budget looming and the UK in recession, we need concrete action to fuel our businesses. Jeremy Hunt needs to take bold steps to stimulate growth, starting with targeted tax cuts. Income tax reduction is paramount for our businesses to thrive. Cutting income tax rates across the board would inject much-needed liquidity into the economy, allowing consumers to spend more and businesses to invest confidently. A 15% slash in income tax rates would provide the necessary boost to kickstart economic activity. Moreover, slashing corporate tax rates by 25% is non-negotiable. Lower corporate taxes empower businesses to expand, innovate and hire more talent. This move would incentivise companies to invest domestically, bolstering job creation and economic recovery. Jeremy Hunt must prioritise these strategic tax cuts to reignite Britain's economic engine and give them any chance to retain the keys to Number 10.

The biggest thing that should be done is an increase to the personal allowance. With cost of living increases this would help the base line massively. The other thing that should be reviewed is corporation tax, with staggered tax bands depending on profit levels. Profitable SME companies leads to economic growth, more jobs, expansions and ultimately more money in people's pockets..

I'd like to see the freezing of personal allowances removed. They're dragging millions of average earners into high-rate tax bands and act as a disincentive to create wealth.

Since their introduction in 2021, they've dragged an extra 1.6 million average earners into the 40% tax band. Higher-rate taxpayers are forecast to grow by 50% this tax year, and by the intended 2028 thawing of personal allowances, 1 in 5 of us will be a higher-rate taxpayer.

Income Tax - Inheritance Tax is a pipe dream, but we can all hope :)