Ahead of the Autumn Statement, FT Adviser is bringing you five of the more unusual requests the public and financial services commentators have asked Jeremy Hunt to honour.
1) Eat the rich
One of the more unorthodox sights this week was a wealthy ensemble projecting a message onto the Bank of England demanding their wealth be taxed.
While it may seem rather like turkeys voting for Christmas, the group Patriotic Millionaires UK believes a 2 per cent levy on society’s richest can provide a £22bn boost to the economy each year.
Fellow multi-millionaire Jeremy Hunt may disagree. As he's the chancellor, his opinion may carry a little more weight at the despatch box.
2) A very British Isa
Among the largest potential reforms is a simplification of the clunky Isa framework, with some experts calling for a mass channelling of great British savings into great British companies.
As reported by FT Adviser previously, the aim is to inject capital into the UK stock market through a tax-efficient vehicle and to harness the power of the retail investor, with a patriotic twist.
But as Helen Thomas, writing in sister title the Financial Times, has argued, the ‘Brisa’s’ direct effect on the economy is likely to be minimal at best, as it does little to encourage new savers to the market.
3) Inheritance tax
It wouldn’t be a Budget without a squabble on the morality of inheritance tax.
In one corner are the abolitionists who see it as akin to grave robbing, while the protectionists view as a means of bolstering the nation's coffers post-coffin.
For this Autumn Statement at least, a cut may be on the cards, though it may only affect estates valued over £1mn, but that won’t stop the quarrels from flowing on X over whether it should be done away with altogether.
4) Do your duty
There looks to be some kind of benefit squeeze in the pipeline as Hunt reckons with some ‘difficult decisions’.
Tory minister Laura Trott on Tuesday encouraged those with mobility and mental health issues to work from home and ‘do their duty’, or risk having their benefits cut.
Those claimants waiting to be seen by the NHS will have to go back to work in the meantime.
5) Give insurance a leg up, Jeremy
The insurance industry has also put its wishes down on paper, perhaps leaning into Hunt's former role as health minister.
According to reinsurer Swiss Re's technical manager Ron Wheatcroft: “The government should address the barriers to take-up of insurance products that provide OH and broader health and rehabilitation support".
He said that for individuals who do not have disability income protection through their employer, there can be a disincentive to purchase an individual insurance policy as the payments on claim are treated as unearned income when entitlement to Universal Credit is assessed.
Wheatcroft added: "The government should consider measures to reduce the impact on claimants whose circumstances may be very different from when they purchased the policy.”
