PM-We Can & Will Cut Taxes Over Time
Prime Minister Rishi Sunak delivering a speech at a college in London outlining new gov't priorities. States that "We believe in cutting taxes carefully and sustainably", but that they cannot be implemented "without a plan to pay for it." Sunak: "Our approach starts with controlling inflation." Also states that "We have met our commitment to halve inflation...with inflation halved we can now look forwards to the future economy we want to build." Livestream of speech here.
- Sunak: We must be smart about protecting our economic security...The bar to intervene in people's lives should be high....To grow the economy we will take five long-term decisions....We will cut tax and reward hard work...Plan to reduce our debt...We must avoid doing anything that risks fight against inflation...Tax cuts don't automatically pay for themselves....
- Sunak: "We can only cut taxes once we control inflation and debt...Now that inflation is halved we can begin the next phase and turn attention to cutting tax...We will cut taxes based on fiscal rules...We will need to prioritise tax cuts....We can't do everything all at once, need to priorities....We can and will cut taxes over time."
- Ahead of the 22 Nov Autumn Statement from the Chancellor of the Exchequer Jeremy Hunt focus has turned to the potential to reduce inheritance or business taxes. However, these could prove politically risky, with the opposition arguing that the gov't is looking to provide tax breaks for the wealthy and companies while households are still dealing with stubbornly high food price inflation and interest rates.