Britain's governing Conservative Party hopes tax cuts can lift ailing election fortunes
Treasury chief Jeremy Hunt will seek to regain political initiative by announcing tax cuts during his annual budget statement
LONDON (AP) — In the run-up to the U.K.'s general election that opinion polls show the governing Conservative Party losing, Treasury chief Jeremy Hunt will seek to regain the political initiative by announcing tax cuts Wednesday during his annual budget statement.
In comments released by the Treasury ahead of his budget, Hunt is set to tell Parliament that the British economy withstood the coronavirus pandemic and the sharp spike in energy prices following Russia's invasion of Ukraine, which sent inflation soaring and prompting the Bank of England to raise interest rates aggressively.
“Of course, interest rates remain high as we bring down inflation," he plans to say. “But because of the progress we’ve made, because we are delivering on the prime minister’s economic priorities, we can now help families with permanent cuts in taxation.”
