Mr. Sunak said he wants tax cuts and that he originally said that would be possible when inflation, which a year ago had reached 11.1 percent, subsided.
London, Thanasis Gavos
Tax cuts were announced by UK Prime Minister Rishi Sunak in a speech two days before the presentation of the interim budget.
Finance Minister Jeremy Hunt’s so-called “autumn statement” is scheduled for Wednesday, with announcements of economic measures midway through Britain’s fiscal year that begins in April.
Mr. Sunak said he wants tax cuts and that he originally said that would be possible when inflation, which a year ago had reached 11.1 percent, subsided.
The data for this year’s October showed that the inflation rate has now dropped to 4.6%.
“Now we can start the next phase and turn our attention to the tax cuts,” Mr. Sunak said, satisfying a standing demand from a large portion of his party’s lawmakers.
Mr Hunt has hinted that a cut is coming, among other things, to income tax. However, the prime minister noted that not all reductions will be made at the same time and that the government must maintain fiscal discipline.
Mr. Sunak also emphasized the importance of the country’s energy security. He said that while the needs to switch to green energy are met, the use of fossil fuels needs to remain in the mix of energy production in the country.
Source :Skai
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