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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK
Prime Minister Rishi Sunak has confirmed that Chancellor of the Exchequer Jeremy Hunt will still be in office at the time of the next general election amid increasing speculation that the gov't could announce sizeable personal tax cuts in the 6 March budget statement. This comes ahead of a general election that is widely expected to take place in Q424.
- Speaking to Sky News, Sunak states that on tax cuts "we'd like to do more when it's responsible to do so". Since Sunak took office in late 2022, the gov't has not engaged in notable tax cuts, with the emphasis on 'steadying the ship' following the turbulent tenure of former PM Liz Truss.
- However. writing in the Mail on Sunday, Hunt claimed that "My priority in the upcoming Spring Budget will be to build on our progress and go even further to drive economic growth. Because if we can sustainably grow the economy, we can relieve the pressure on families and generate the revenue necessary to invest in the public services we all rely on.", indicating that spurring growth through tax cuts will be a key election platform for the governing Conservatives.
- The shift towards tax cuts comes as YouGov publishes an opinion poll for The Times showing that across all voter segments (see chart below), the electorate at present appears more in favour of greater public spending in lieu of tax cuts.
- Also, cryptically, the No.10 Downing Street X/Twitter page has posted a comment stating 'Something exciting is coming'. No clear signals of what this might refer to year.
Chart 1. YouGov Opinion Poll, 'What Should Gov't Prioritise?, %
Source: The Times/Sunday Times, YouGov. Fieldwork 10-11 Jan
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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