Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Hunt rules out tax cuts before next general election

by September 11, 2023
September 11, 2023
Hunt rules out tax cuts before next general election

Jeremy Hunt has hinted that tax cuts are unlikely to be on offer before the next general election after warning that inflation had proved “stickier than was forecast”.

The Chancellor told Bloomberg that he did not expect to have more fiscal headroom at the Autumn Statement — compared with the spring Budget — and “debt interest payments are higher”.

Speaking to Bloomberg TV, Hunt said: “I think it’s unlikely because since the spring Budget, when the last numbers were published, we’ve seen inflation stickier than was forecast at the time and that means debt interest payments are higher.

“But we don’t have the numbers yet from the Office for Budget Responsibility [OBR] so this is speculation for you and me both.”

His comments come in the wake of reports that the Treasury is considering squeezing benefits in an attempt to pay for tax cuts in a boon to voters — set to spark a Tory row.

In a suggestion that tax cuts were unlikely, he added: “But our priority is bringing down inflation and when you’re trying to bring down inflation you have to be really careful not to pump extra money into the economy; much as you would like to, not to pump extra money into people’s pockets because that can push up prices and keep inflation higher for longer.

“The one thing I can absolutely say is that our focus at the Autumn Statement will be on bringing down inflation and delivering both the Prime Minister’s goal to halve inflation and the Bank of England’s target to bring it down to two per cent.”

Hunt also praised the Bank for being one of the first central banks globally to raise interest rates, saying: “In fairness to the bank, lots of central banks around the world underestimated the persistence of inflation.

“We brought inflation down from over 11 per cent to 6.8 per cent so we are making progress… but the long-term future of the economy depends on getting inflation down.”

Commenting on the prospects of a UK-India trade deal, the Chancellor said both sides were keen to “unlock more ability” for investment and cited a “real political momentum”. A deal could be done by the end of 2023, he said, but the next few weeks were critical.

He told Bloomberg that existing “significant” investment flows could be increased, and that pension funds and insurance asset managers in the Square Mile wanted to invest “trillions” in high-growth sectors domestically or overseas.

India’s plans for GIFT City (Gujarat International Finance Tec-City) and “India’s Silicon Valley” in Bangalore were key collaboration opportunities for the UK, Hunt added.

Read more:
Hunt rules out tax cuts before next general election

0
FacebookTwitterGoogle +Pinterest
previous post
The TUC reports UK government to UN over new strike law
next post
How Your Business Can Harness the Power of Review Sites

You may also like

Newcleo to raise £900m to build fleet of...

March 20, 2023

Jeremy Hunt announces extension to energy price guarantee

March 15, 2023

Sky Sports presenter loses IR35 appeal in latest...

April 21, 2023

UK government announces £4m AI funding to cut...

August 16, 2023

Octopus EV silently speeds past £1 billion electric...

December 4, 2023

Better office performance? Give staff a bit more...

October 24, 2022

Stamp duty deadline sparks property sales surge

February 18, 2025

How to stop procrastinating and start leading

April 12, 2024

Blow Up on SoundCloud: Tips to Get Your...

November 6, 2024

Looking for a new place to call home...

March 14, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025
    • TIMELINE: Inside the evolving relationship between Trump and Musk from first term to this week’s fallout

      June 7, 2025
    • Deadly drone wars are already here and the US is horribly unprepared

      June 7, 2025
    • Week Ahead: NIFTY’s Behavior Against This Level Crucial As The Index Looks At Potential Resumption Of An Upmove

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,564)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved