Jeremy Hunt cut personal taxes to their lowest level for almost 50 years in a highly political Budget . The Chancellor confirmed a 2p cut in national insurance for employees and the self-employed as the centrepiece of his Budget.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are the initial headlines from the budget delivered today by the Chancellor of Exchequer
00:10 Jeremy Hunt in the House of Commons. Mr Hunt cut personal taxes to their lowest level for
00:16 almost 50 years in a highly politicised budget speech. He confirmed a two pence cut in national
00:22 insurance for employees and the self-employed as a centrepiece of his budget. He also offered
00:28 more help with child benefits to parents earning more than £50,000 a year and he cut the top rate
00:34 of capital gains tax on property sales, arguing that reducing it from 28% to 24% would bring in
00:41 more money because of increased activity. He also committed to scrap the non-DOM status of wealthy
00:47 foreigners, putting the £2.7 billion a year raised as a result towards tax cuts. So initial headlines
00:55 there from the budget delivered this afternoon in the House of Commons by the Chancellor of Exchequer
01:01 Jeremy Hunt.