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Chancellor-"I Can Rule Out Any Tax Cut That Is Going To Fuel Inflation"

UK

Speaking toSky News, Chancellor of the Exchequer Jeremy Hunt seems to pour cold water on the prospect of any significant tax cuts in the upcoming Autumn Statement on 22 Nov. Hunt: "I can rule out any tax cut that is going to fuel inflation, because that would be the wrong thing to do....In the long run though, we do want to bring down the tax burden".

  • There is notable focus on the content of the upcoming AS, not only because of the economic impact of what it contains, but also about the signals it could provide regarding gov't plans for the next general election.
  • The next general election must be held by January 2025. Speculation among observers has May/June and October/November of 2024 as the most likely periods in which PM Rishi Sunak will look to hold the vote.
  • A more 'generous' AS with tax cuts for households, sizeable gov't support on energy bills, or notable increases in spending on the nationalised healthcare service could indicate an effort to bolster the centre-right Conservatives' support going into a spring election.
  • However, a more restrained AS could indicate that any pre-election 'giveaways' are more likely in next year's Budget Statement, which in turn would be more indicative of an autumn election.
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