First public statement from the new Chancellor, Jeremy Hunt MP

The video discusses the decision to maintain the basic income tax rate at 20% due to economic conditions, despite initial plans to reduce it to 19%. It highlights the importance of sustainable public finances and the decision not to cut corporation tax, which, along with restoring the top income tax rate, will generate significant revenue. The energy price guarantee is confirmed to remain unchanged until April next year, with a review planned to develop a more cost-effective approach for future support, focusing on those most in need and promoting energy efficiency.

Why was the decision made to keep the basic rate of income tax at 20%?

• To increase government borrowing

• To ensure sustainable public finances

• To reduce public spending

• To align with conservative values

What is the expected annual revenue from the announced tax measures?

• £20 billion

• £40 billion

• £32 billion

• £25 billion

Which tax was not reduced as part of the measures to raise revenue?

• Income tax

• Corporation tax

• Value-added tax

• Property tax

Until when is the energy price guarantee policy confirmed to remain unchanged?

• March next year

• June next year

• December this year

• April next year

What is the main goal of the Treasury-led review on energy bills?

• To increase energy prices

• To reduce taxpayer costs

• To eliminate energy subsidies

• To expand energy support to all businesses