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Jeremy Hunt has said there is the chance to lower taxes in the autumn statement next week, arguing the economy had “turned a corner”.

Ahead of Wednesday’s financial announcement, the chancellor said that as inflation had halved over the year, “this is the moment” to focus on growth.

But he argued that there is a need to “reform our welfare system” and the “priority” is helping firms.

Mr Hunt is also considering slashing inheritance tax, which would be bound to draw criticism for supporting the wealthy while others struggle with the high cost of living.

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“The big message on tax cuts is there is a path to reducing the tax burden and a Conservative government will take that path,” he told the Telegraph.

“It’s not an easy path. There are difficult decisions you have to take to get there.

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“But we believe if we’re going to grow the economy, this is going to be an autumn statement for growth, then we have to show the country there is a path to a lower tax economy.”

Mr Hunt also said he was “personally uncomfortable” with the UK’s tax burden, saying: “Taxes are too high and we need to bring that down.”

The Institute of Fiscal Studies (IFS) said in September that the tax burden is on course to rise from 33% of GDP in 2019 to 37% next year.

The group said it would mark the largest jump in the tax burden during a parliament outside of wartime.

Mr Hunt pointed to “the most dynamic, energetic, thriving economies” in North America and Asia “where they generally have lower tax burdens” as what he sees as the UK’s “benchmark”.

According to the Telegraph, Mr Hunt and Rishi Sunak could cut inheritance tax from 40% in the autumn statement.

HMRC says only 4% of estates paid inheritance tax in 2021.

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What’s happening with inheritance tax?

Conservative former chancellor Lord Clarke said the move may please MPs on the Tory right who are clamouring for tax cuts as the party lags more than 20 points behind Labour in the polls, but others would find it “appalling”.

Lord Clarke told Times Radio: “Well, it’s not the tax cut I would choose. Indeed, I’m not sure he’s got any room for tax cuts.

“And choosing inheritance tax at the present time might appeal to the Conservative right, but it leaves them open to the most appalling criticisms when inflation and the state of affairs is making poorer people in this country very vulnerable indeed, giving tax relief to those families that are lucky enough to have members of it with capital above the limit through inheritance tax and pay any significant amount of tax on the inheritance.

“And I’m not sure that the economic and financial state of the country justifies it.”

Labour leader Sir Keir Starmer said he would wait to see what is in the autumn statement before commenting on any plan to cut inheritance tax, stressing that he wanted to see “a serious plan for growth”.

Rishi Sunak hosts weekly Cabinet meeting in 10 Downing Street
Pic:No 10 Downing Street
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Jeremy Hunt and Rishi Sunak could reportedly cut inheritance tax from 40%. Pic: No 10 Downing Street


When asked explicitly by the Telegraph if tax cuts will feature in his budget, Mr Hunt did not directly respond.

He said: “Without pre-empting the decisions that the prime minister and I make, this is an autumn statement for growth. It’s a turning point for the economy.”

On Friday, Mr Hunt said the best way to reduce the “tax burden for everyone” is to grow the economy, touting manufacturing as part of the “next part of the economic plan”.

Elsewhere in the Telegraph interview, Mr Hunt said he would stand as an MP at the next election, despite speculation that he could quit.

The Liberal Democrats are eyeing the Surrey seat he will contest.

“I’m aware that it’s the fight of my life, but I’m up for that fight and I’m very confident that I will be back in parliament after the next election,” he said.

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Bitstamp granted MAS license to operate in Singapore

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Bitstamp granted MAS license to operate in Singapore

Bitstamp granted MAS license to operate in Singapore

The license was granted after a new policy from Singapore’s Monetary Authority required all crypto firms based in the country to register.

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IRS division failed to meet standards for seizing crypto, says watchdog

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IRS division failed to meet standards for seizing crypto, says watchdog

IRS division failed to meet standards for seizing crypto, says watchdog

Based on an evaluation between December 2023 and January 2025, the IRS Criminal Investigation did not always follow guidelines around seizing and holding crypto in cases.

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Chancellor Rachel Reeves says she is ‘totally’ up for the job of chancellor in first comments since tearful PMQs

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Chancellor Rachel Reeves says she is 'totally' up for the job of chancellor in first comments since tearful PMQs

The chancellor has said she was having a “tough day” yesterday in her first public comments since appearing tearful at Prime Minister’s Questions – but insisted she is “totally” up for the job.

Rachel Reeves told broadcasters: “Clearly I was upset yesterday and everyone could see that. It was a personal issue and I’m not going to go into the details of that.

“My job as chancellor at 12 o’clock on a Wednesday is to be at PMQs next to the prime minister, supporting the government, and that’s what I tried to do.

“I guess the thing that maybe is a bit different between my job and many of your viewers’ is that when I’m having a tough day it’s on the telly and most people don’t have to deal with that.”

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She declined to give a reason behind the tears, saying “it was a personal issue” and “it wouldn’t be right” to divulge it.

“People saw I was upset, but that was yesterday. Today’s a new day and I’m just cracking on with the job,” she added.

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Ms Reeves also said she is “totally” up for the job of chancellor, saying: “This is the job that I’ve always wanted to do. I’m proud of what I’ve delivered as chancellor.”

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Reeves was seen wiping away tears during PMQs. Pic: PA

Asked if she was surprised that Sir Keir Starmer did not back her more strongly during PMQs, she reiterated that she and the prime minister are a “team”, saying: “We fought the election together, we changed the Labour Party together so that we could be in the position to return to power, and over the past year, we’ve worked in lockstep together.”

PM: ‘I was last to appreciate’ that Reeves was crying

The chancellor’s comments come after the prime minister told Sky News’ political editor Beth Rigby that he “didn’t appreciate” that she was crying behind him at Prime Minister’s Questions yesterday because the weekly sessions are “pretty wild”, which is why he did not offer her any support while in the chamber.

He added: “It wasn’t just yesterday – no prime minister ever has had side conversations during PMQs. It does happen in other debates when there’s a bit more time, but in PMQs, it is bang, bang, bang. That’s what it was yesterday.

“And therefore, I was probably the last to appreciate anything else going on in the chamber, and that’s just a straightforward human explanation, common sense explanation.”

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Starmer explains to Beth Rigby his reaction to Reeves crying in PMQs

During PMQs, Tory leader Kemi Badenoch branded the chancellor the “human shield” for the prime minister’s “incompetence” just hours after he was forced to perform a humiliating U-turn over his controversial welfare bill, leaving a “black hole” in the public finances.

The prime minister’s watered-down Universal Credit and Personal Independent Payment Bill was backed by a majority of 75 in a tense vote on Tuesday evening – but a total of 49 Labour MPs voted against the bill, which was the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s lone parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

Reeves looks transformed – but this has been a disastrous week for the PM

It is a Rachel Reeves transformed that appears in front of the cameras today, nearly 24 hours since one of the most extraordinary PMQs.

Was there a hint of nervousness as she started, aware of the world watching for any signs of human emotion? Was there a touch of feeling in her face as the crowds applauded her?

People will speculate. But Ms Reeves has got through her first public appearance, and can now, she hopes, move on.

The prime minister embraced her as he walked on stage, the health secretary talked her up: “Thanks to her leadership, we have seen wages rising faster than the cost of living.”

A show of solidarity at the top of government, a prime minister and chancellor trying to get on with business.

But be in no doubt today’s speech on a 10-year-plan for the NHS has been overshadowed. Not just by a chancellor in tears, but what that image represents.

A PM who, however assured he appeared today, has marked his first year this week, as Sky News’ political editor Beth Rigby put to him, with a “self-inflicted shambles”.

She asked: “How have you got this so wrong? How can you rebuild trust? Are you just in denial?”

They are questions Starmer will be grappling with as he tries to move past a disastrous week.

Ms Reeves has borne a lot of the criticism over the handling of the vote, with some MPs believing that her strict approach to fiscal rules has meant she has approached the ballooning welfare bill from the standpoint of trying to make savings, rather than getting people into work.

Ms Badenoch also said the chancellor looked “absolutely miserable”, and questioned whether she would remain in post until the next election.

Sir Keir did not explicitly say that she will, and Ms Badenoch interjected to say: “How awful for the chancellor that he couldn’t confirm that she would stay in place.”

Downing Street scrambled to make clear to journalists that Ms Reeves was “going nowhere”, and the prime minister has since stated publicly that she will remain as chancellor “for many years to come”.

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