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Jeremy Hunt has attempted to offer Conservative Members of Parliament an early gift for Christmas by implying that he may reduce taxes before the upcoming general election in the following year.
The chancellor proposed that there may be more funds available for allocation as the government decreases its debt interest payments.
In an interview with Bloomberg Television, Mr. Hunt stated that the government would reduce the tax burden if possible.
He warned that he would not take any actions that could potentially contribute to inflation once more. Mr. Hunt is facing significant pressure from fellow members of his political party to reduce taxes as they struggle to keep their positions.
Given the current polling data showing Labour with a 20-point lead, some members of the Conservative party believe that this decision is one of the few options they have to prevent a complete defeat in the upcoming election.
According to Mr. Hunt, a decrease in debt interest payments could potentially provide me with more flexibility to utilize in various ways. However, I would never use this opportunity in a manner that would jeopardize the fight against inflation.
“We aim to reduce the tax burden in a responsible manner.”
In the autumn statement, Mr. Hunt declared the largest set of tax reduction measures since the 1980s.
However, he faced criticism when it was revealed that the total amount of taxes was still projected to reach a record high since World War II.
He recently made statements about taxes, and this occurred one day after the government received positive news at the end of the year. Official data revealed that the inflation rate has decreased more than anticipated.
However, there was also negative information, as data showed that government borrowing exceeded expectations in November.
Mr Hunt gave the interview as he struck a post-Brexit banking deal with Switzerland aimed at easing UK finance firms’ access to the country’s market and vice versa.
The BCC has advised Mr Sunak and Mr Hunt to explore various additional agreements with the EU in order to alleviate trade difficulties.
The latest Brexit report from the BCC reveals that nearly two-thirds of UK exporters have experienced increased difficulty in selling to the EU over the past year.
The main business organization requested a set of deals with Brussels, including carbon taxes, VAT arrangements, and food checks, in order to lessen the effects of Boris Johnson’s trade agreement.
Source: independent.co.uk
