Budget 2024: UK taxes head for highest level since 1948 despite Hunt’s NI cut

Borrowing and stealth taxes fund 14bn giveaway, but public spending squeeze looms after election

• Hunt announces 2p cut in national insurance
• Budget: key points at a glance

Britain will go into the next general election with taxes at their highest level since 1948 despite Jeremy Hunt's 2p budget cut in national insurance contributions - with the threat of a fresh squeeze on public spending to come after polling day.

The chancellor used a combination of higher borrowing and a range of stealth taxes to fund a 14bn giveaway package and said his ambition was to phase out NICs for employees and the self-employed altogether.