Rishi Sunak Promises To Cut Taxes ‘Carefully’

Prior to this week's budget update, when Finance Minister Jeremy Hunt is anticipated to unveil plans to revitalise the flagging economy, British Prime Minister Rishi Sunak stated on Monday that his government may focus on tax reduction.

It is anticipated that Sunak will call an election in 2024. "Now that inflation is halved and our growth is stronger, meaning revenues are higher, we can begin the next phase and turn our attention to cutting tax," his speech read.

He stated that cutting taxes should be the government's top priority, but he made it clear that he would not implement the kind of unfunded tax cuts that his predecessor, Liz Truss, announced last year which caused havoc in the bond markets.

According to Sunak, the government would gradually reduce taxes and refrain from taking any action that would hasten inflation.

"I'd like to see tax cuts. I think taxes should be lowered," he stated. "But doing that responsibly is hard."

(Sources: investing.com, reuters.com)