Jeremy Hunt is reportedly planning a stealth move to force small businesses to pay thousands more in VAT as part of measures to plug a fiscal black hole feared to be as wide as £60bn.
The chancellor will take to the House of Commons next Thursday to deliver a fiscal statement that will define Rishi Sunak’s nascent government, as the prime minister seeks to distance himself from the disastrous reign of Liz Truss, his short-lived predecessor.
A mix of spending cuts and tax rises are expected in the economic policy package, with details of several thrifty schemes leaking out in recent weeks, including reports of a council tax rise, a masked raid on pensions and a hike in the levy collected from capital gains.
