Chancellor Jeremy Hunt Aims to Harness UK's Entrepreneurial Spirit
Jeremy Hunt, the Chancellor of the Exchequer, has made a promise to leverage Britain's entrepreneurial spirit to create a thriving business environment. In an interview with Sky News, Hunt acknowledged that the tax burden was too high and hinted at potential cuts to business levies to stimulate economic growth.
Lower Taxes Essential for Economic Growth
Hunt emphasized that supporting British businesses and reducing taxes are his top priorities. He believes that lower taxes are crucial for fostering economic growth and productivity in the country. However, he also acknowledged the importance of maintaining fiscal discipline and cautioned that sustainable tax reductions require efficient use of public funds over time.
Caution Amidst Inflation Concerns
While Hunt is determined to explore all possibilities, including tax cuts, he expressed caution about the potential impact on inflation. He wants to strike a balance between reducing taxes and managing inflationary pressures. Hunt aims to demonstrate a clear path towards lower taxes, but he emphasized that it will require consistent and disciplined efforts.
Delicate Decision on Inheritance Tax
Some Conservative MPs, particularly those in Red Wall seats, have cautioned against reducing inheritance tax due to concerns about exacerbating the cost-of-living crisis. They fear that it may appear as favoritism towards the wealthy. As a result, the decision regarding inheritance tax cuts may be delayed until the spring.
PM Rishi Sunak to Address the Economy
Prime Minister Rishi Sunak is set to deliver a speech on the state of the economy. He has achieved his goal of halving inflation by the end of the year, and his address is expected to provide further insights and updates on economic progress.
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