Hunt targets highest earners in tax grab as chancellor raises £55bn

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City AM

By Stefan Boscia The UK’s highest earners have been targeted as a part of Jeremy Hunt’s tax grab, with the top 45p threshold of Income Tax slashed. The top tax bracket has been reduced from £150,000 to £125,140, while he has also frozen the Income Tax thresholds for the two lower brackets in a stealth hike. Hunt announced that he would raise £55bn in his autumn fiscal statement through a mixture of spending cuts and tax hikes, which he said was necessary “to tackle inflation and keep mortgage rises down”. The changes will see income tax payers forced to fork over hundreds more pounds a year to…

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