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Bonfire of the Brexit cash: UK leader candidates' spending promises

 

Boris Johnson, a leadership candidate for Britain's Conservative Party, visits the Thames Valley Police Training Centre in Reading, Britain, July 3, 2019. REUTERS/Dylan Martinez/Pool

 

LONDON (Reuters) - Boris Johnson and Jeremy Hunt are competing to bolster their bids to become Britain's next prime minister by proposing higher public spending and tax cuts which would represent a sudden relaxation of the country's tight grip on the public finances.

 

Johnson, the favourite and a former London mayor, has vowed to spend an estimated 31 billion pounds on tax cuts, public sector pay rises and better education, while Foreign Secretary Hunt has made pledges costing 40 billion pounds.

 

Hunt plans to slash corporation tax and spend on defence.

 

Both men have said they will tap into the 27 billion pounds of "fiscal headroom" that has built up in the public finances, referring to the difference between the government's target for the budget deficit and its projected size, which is lower.

 

Finance minister Philip Hammond has warned the two candidates that their plans would cost more than the headroom in his budget.

 

Furthermore, Johnson and Hunt say they would take Britain out of the European Union with no transition deal if necessary, something the government has said would lead to a 95 billion-pound hit to the public finances each year by the mid-2030s.

 

Following is a summary of the main fiscal proposals and suggestions by the two candidates and their potential annual cost, based on estimates by the Institute for Fiscal Studies, a think tank, and other analysts.

 

The candidates have not provided details for some proposals such as raising the threshold for National Insurance Contributions, so the estimates are based on assumptions.

 

JOHNSON

- Increase the income tax higher-rate threshold to 80,000 pounds from 50,000 pounds - 9 billion pounds

 

- Raise the threshold at which people start to pay National Insurance - 11 billion pounds if the threshold for employees and self-employed is raised to 12,500 pounds a year. Raising the threshold for employers too would cost more.

 

- Raise school spending with an overall package of around 4.6 billion pounds.

 

- End public sector pay freezes - 5.4 billion pounds if pay goes up by 3%.

 

- Hire an extra 20,000 police officers - 1.1 billion pounds

 

TOTAL: 31.1 BILLION POUNDS A YEAR

 

HUNT

- Cut 19% corporate tax rate to 12.5% - 13 billion pounds. Hunt has said this is the only immediate spending commitment he would deliver in the event of a no-deal Brexit

 

- Raise the threshold at which people start to pay National Insurance Contributions - 11 billion pounds if the threshold for employees and self-employed is raised to 12,500 pounds a year. Raising the threshold for employers too would cost more.

 

- Raise defence spending - 15 billion pounds

 

- Cut the interest rate on student loans to RPI rate of inflation - 1 billion pounds

 

TOTAL: 40 BILLION POUNDS A YEAR

 

(Reporting by Guy Faulconbridge and William Schomberg; editing by Kate Holton and Stephen Addison)

 

-- © Copyright Reuters 2019-07-05

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[mercman24]

yes the lies come tumbling out of their mouths, just to get elected, just look at the BREXIT fiasco, all false promises, Treason May,, we would be 3 years down the road by now, trading world wide. three and a half years now totally wasted.

[dick dasterdly]

Not sure how the candidates expenditure plans translate to the headline "Bonfire of the Brexit cash", bearing in mind none of the 'promised' expenditure relates to brexit!

 

Presumably Reuters just had to get brexit into the headline......

[dick dasterdly]

And it's obvious that this is not a biased article, as after outlining the candidates 'promised' expenditure plans (nothing to do with brexit) they just had (????) to continue with:-

 

"Furthermore, Johnson and Hunt say they would take Britain out of the European Union with no transition deal if necessary, something the government has said would lead to a 95 billion-pound hit to the public finances each year by the mid-2030s."

.......  

[dick dasterdly]

Every time I think I'm reaching the 'beyond caring' point - the combination of headline/articles like this wind me up again....

 

(Although I have to admit remain poster comments that so frequently rely on calling those with a different opinion stupid, works in the same way ????!)

[marko kok prong]

Well words are easy,acting on them is much more difficult.

[wombat]

with all the money they no longer have to pay the EU they can afford to be generous.
how much per month did it cost UK to belong to EU again please ?

[Caledonia Boy]

Wasn't that long ago that the Tories were saying "There is no magic money tree". All of a sudden there appears to be loadsa money!!

[alanrchase]

Where is the 350 million a week for the NHS?

[Thingamabob]

1 hour ago, alanrchase said:

Where is the 350 million a week for the NHS?

Now proven to be correct notwithstanding project fear Remainers alleging otherwise. 

[puipuitom]

Where these PM's want to raize all that money from ? There is no big money tree in the back yard of Downing Street 10-11. Where taxes will be increased of... from whom to borrow ?

At the end of March 2019 the National Debt was £1.80 trillion. In terms of Gross Domestic Product the UK National Debt now is 85.92%  and  in 2005 was about 38 percent of GDP. https://www.ukpublicspending.co.uk/uk_national_debt_analysis

To compare, Germany has a55.75% of GDP, Netherlands 50.91% see  http://worldpopulationreview.com/countries/countries-by-national-debt/

 

Edited July 5, 2019 by puipuitom

[sawadee1947]

2 liars more in the hall of fakes