U.K.'s Hunt says won't implement tax cuts that fuel inflation
The Hindu
British Finance Minister Jeremy Hunt said he would not implement tax cuts that would push up inflation, days before he announces a major Budget update
British Finance Minister Jeremy Hunt said on Sunday he would not implement tax cuts that would push up inflation, days before he announces a major Budget update that is widely expected to contain reductions in some taxes.
Mr. Hunt is due to present an Autumn Statement on Wednesday which he hopes will revive the fortunes of both a stagnant British economy and the governing Conservatives ahead of an election expected next year, and the Sunday Times reported he was considering cutting income tax or national insurance.
He has been under pressure from some Conservative lawmakers who, alarmed at the Opposition Labour Party's big lead in opinion polls, have demanded he deliver tax cuts.
"We do want to bring down the tax burden but we will only do so responsibly," Mr. Hunt told Sky News. "The one thing we won't do is any kind of tax cut that fuels inflation."
Annual inflation tumbled to 4.6% in October from 6.7% a month earlier, putting Prime Minister Rishi Sunak on track to meet a pledge of halving inflation over 2023.
"I do think the British economy has turned a corner this week," Mr. Hunt said in a separate interview with Times Radio, adding that his priority was growth. "I will be doing everything that I can possibly think of to boost growth."
Asked if he would cut inheritance tax — a move the Sunday Times said could be delayed owing to bad press — Mr. Hunt told Sky "everything is on the table" ahead of his statement.