Chancellor-No Headroom For Tax Cuts In March

Answering questions following a speech at the Bloomberg HQ, Chancellor of the Exchequer Jeremy Hunt states that "We don't have headroom for tax cuts, but if I did business taxes would be a priority." adding that it is "unlikely that we will have headroom to cut business taxes in March", when the budget statement is delivered on the 15th of the month.

• Hunt's statements that “sound money must come first” before tax cuts marks a major shift in tone and policy from the short-lived administration of PM Liz Truss. Nationwide opinion polling continues to show the governing centre-right Conservatives trailing the main opposition Labour party. However, The Times reported yesterday that according to internal Conservative polling, the party has regained its lead on economic competence.
• On the US Inflation Reduction Act Hunt states the gov't has "some concerns...because we believe in free trade."