UK’s Hunt says won’t implement tax cuts that fuel inflation By Reuters
© Reuters. FILE PHOTO: FILE PHOTO: British Chancellor of the Exchequer Jeremy Hunt leaves Downing Street in London, Britain, September 13, 2023. REUTERS/Toby Melville/File Photo
LONDON (Reuters) – British finance minister Jeremy Hunt said on Sunday that he would not implement tax cuts that would push up inflation.
The Sunday Times reported that Hunt was considering cutting income tax or national insurance in his Autumn Statement budget update on Wednesday.
“The one thing we won’t do is any kind of tax cut that fuels inflation,” Hunt told Sky News.
When asked if he would cut inheritance tax – a move the Sunday Times said could be delayed owing to bad press – Hunt said “everything is on the table” ahead of his statement.
He said the only way to bring taxes down was to spend public money more efficiently.