Exclusive: Treasury sources say chancellor is resisting pressure from MPs who want taxes to start falling well before next election
Jeremy Hunt is planning a “slimmed down” spring budget with no immediate tax cuts as thepress ahead with attempts to win back economic credibility after the damage inflicted by the Truss administration.
They said that boosting growth, bringing down inflation and reducing national debt were the government’s top priorities as it seeks to restore confidence among business and the public – and only then could taxes be reduced. Conservative sources said, however, that there would be tax cuts before the next election – with the autumn statement the most likely moment for announcing changes to come in the following spring.
However, the chancellor’s plans for a slimmed down budget are likely to frustrate Tory MPs, already anxious about trailing Labour 20 points in the polls, who want the government to cut historically high taxes as a priority well before the election.
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