UK Chancellor of the Exchequer Jeremy Hunt has ruled out “significant” tax cuts in the next budget as he put the top priority on reducing inflation.
In a speech at Bloomberg’s London headquarters on Friday, Hunt said reducing inflation was the “only sustainable way to restore industrial harmony” in Britain as he suggested tax cuts would have to wait.
“My party understands better than others the importance of low taxes in creating incentives and fostering the animal spirits that spur economic growth,” he said.
“Another Conservative insight is that risk-taking by individuals and businesses can only happen when governments provide economic and financial stability. So the best tax cut right now is a cut in inflation.”…