Chancellor-Nothing Automatic About Bringing Down Inflation

Chancellor of the Exchequer Jeremy Hunt has been speaking at the British Chambers of Commerce annual conference on a number of topics. States that there is 'nothing automatic about bringing down inflation' and that the gov't 'supports the Bank of England, 150%'. On taxation says that he 'agrees with people who are worried about high tax, we need to get taxes down' but states that the 'overwhelming priority has to be lowering inflation.' On the prospect of tax cuts any time soon states that 'we aren't in a position to know if we will have the headroom to cut taxes before the election [due by Jan 2025 at the latest].'

• Says that the gov't 'will make sure that we remain competitive with the US inflation reduction act'.
• On UK competitiveness: Hunt: 'I have had a number of discussions on Revolut, UK regulators understand need to boost competitiveness...Companies like Microsoft invest in UK because it has independent regulators...Important that UK regulators understand the need to promote growth.'