UK cuts personal taxes as Tories seek election year lift

Chancellor of the Exchequer Jeremy Hunt delivering his Budget to the House of Commons in London. Picture: PA Wire

The UK's Minister for Finance Jeremy Hunt cut personal taxes as the Conservative Party tries to win back voters ahead of a nationwide election expected later this year.

Delivering his budget, the Chancellor of the Exchequer announced another 2 percentage-point cut to the national insurance payroll tax, following a similar move in November. Taken together, he said, 27 million employees will get an average tax cut of £900 (€1,052) a year. He also said the UK’s budget watchdog had upgraded the country’s growth prospects for this year and next.