Jeremy Hunt says November Budget tax cuts 'unlikely'
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Jeremy Hunt has played down hopes of tax cuts in the November Autumn Statement, warning that high inflation and spiralling debt interest costs have limited his room for manoeuvre.
Article originally published by The Telegraph. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
Published by
12 Sep 2023
The Chancellor warned that cutting taxes risked making inflation worse by allowing people to spend more money at a time when price rises have been “stickier” than expected.
He said in an interview with Bloomberg TV: “We have to be careful not to pump extra money into the economy, into people’s pockets, as that will pump up inflation.”
Mr Hunt said inflation and rising rates had put the Government’s finances under additional strain.
He said: “We’ve seen inflation stickier than was forecast [at the spring budget] and that means debt interest payments are higher.”
The Government’s interest bill to service the £2.6 trillion national debt amounted to £37.8bn in just the first four months of this financial year, adding to pressures on the public purse.
The Chancellor is expected to borrow around £132bn this year and almost £100bn next financial year, according to private
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