It’s the right time to cut taxes to grow the economy, according to Prime Minister Rishi Sunak. Both he and the chancellor have been discussing the “path to reducing the tax burden” in recent days.
The government is set to make its autumn statement on its financial plans this week. With the UK tax burden at levels not seen since the 1940s, Conservative party members have been increasingly calling for cuts ahead of the next general election.
Autumn statements aren’t always used to make major fiscal policy announcements. Last year’s statement provided an opportunity for a mini-budget and a raft of policy changes. But that was after the disastrous market reaction to the package of unfunded tax cuts announced in September 2023 by Hunt’s predecessor Kwasi Kwarteng.
