PM Aims to Halve Inflation and Lower Taxes
Rishi Sunak, the Prime Minister, expressed confidence in his ability to cut taxes before the next election, even as he faced more by-election challenges. Sunak is on track to reduce inflation to below 5.3% by the end of the year and could potentially lower taxes in the spring. Speaking in London, Sunak emphasized his goal of delivering a lower tax economy for the country and stated that he is confident in achieving it. However, he emphasized the need to first bring down inflation.
Inflation Stand at 6.7%
At present, inflation stands at 6.7%, but experts anticipate a significant decline in November due to the decrease in energy costs. Sunak's focus on reducing inflation aligns with the economic policies of former Prime Minister Margaret Thatcher and Chancellor Nigel Lawson.
Tories Face Another By-election Challenge
The latest polling data shows that Labour currently holds a 20-point lead. When asked if he would offer tax cuts to bolster his chances in the upcoming election, Sunak affirmed his desire to lower taxes but stressed the priority of reducing inflation. Meanwhile, the Conservative Party is confronted with another by-election in Northamptonshire following the formal suspension of Tory MP Peter Bone from the House of Commons. A recall petition will be held in his Wellingborough seat, requiring the signatures of ten percent of voters to trigger a poll. The petition is set to open on November 8 and close on December 19, potentially resulting in a by-election in 2024. The Labour Party urged Mr. Bone to resign immediately to spare constituents the inconvenience of the recall process.
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