EVEN WORSE THAN TRUSS

Starmer slams Hunt's aim to cut NI | £46bn cost is bigger than ex-PM's plan | Stealth tax trap snares pensioners | Spending power will drop by 0.9%

- LIZZY BUCHAN

LABOUR says Jeremy Hunt's ambition to scrap National Insurance shows the financial disaster caused by Liz Truss has taught the Tories nothing.

The mini-Budget in 2022 when she was PM triggered an economic meltdown due to a £45billion package of unfunded tax cuts.

Labour leader Keir Starmer has accused the Tories of a £46bn unfunded ambition to abolish National Insurance.

He said: "That's bigger than Liz Truss commitment, so they've learnt absolutely nothing" Darren Jones, the Shadow Chief Secretary to the Treasury, said: "Mortgage holders know only too well the consequences of pie in the sky, unfunded Tory promises on tax cuts.

"But [the] Budget reveals Rishi Sunak is in hock to the reckless voices who want to re-run the Liz Truss experiment."

The Conservatives are also going to clobber pensioners. Tax changes in the Budget mean eight million retirees face a hit to their income of £1,000 on average by 2027/28, independent think-tank the Resolution Foundation says.

This is because of frozen income tax thresholds, which drag people into higher tax brackets.

Resolution Foundation chief executive Torsten Bell said: "The biggest losers [from the Budget] are pensioners, who face an £8billion collective hit.