Jeremy Hunt has been told by the Office for Budget Responsibility that there is still a £40 billion black hole in the nation’s finances. He is looking to raise as much as half that amount from putting up taxes, reducing the need for painful and controversial cuts to public spending. Mr Hunt could seek to reform generous capital gains rules and bring them more into line with general taxation. The Chancellor is also looking at ditching the two-year removal of green levies from energy bills, which is being subsidised by the Treasury, and reintroducing them next April. He will urge whoever wins the Tory leadership to stick to the date, arguing a delay would further add to market uncertainty hanging on the economic plan or change what he has drawn up. . . .
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