Hopes that the Government could start to cut taxes this year have faded in light of stubbornly high inflation, theipaper understands
, threatening the Prime Minister’s pledge to halve it this year, they believe it would be risky to go ahead with a tax cut for the time being.as a proportion of GDP has passed 100 per cent for the first time in decades, further limiting the Government’s ability to increase borrowing in order to fund a reduction in taxes.
He added: “The way to grow the economy, the way to give ourselves more headroom, to spend more on public services like the NHS, to bring down the tax burden, is to tackle inflation.” The Chancellor has not ruled out announcing a cut to the tax burden at the autumn statement due later this year, but it is now more likely that any pre-election tax cut would come at the spring Budget, casting doubt on whether it would take effect before the general election.
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