British Chancellor of the Exchequer Jeremy Hunt has announced that tax cuts are unlikely in the near future, as he aims to avoid a cycle of continuously increasing taxes. Hunt, who is set to deliver a fiscal statement on November 22, stated in an interview with The Times that his priority is to support Prime Minister Rishi Sunak’s goal of halving inflation rather than reducing taxes. This comes as many members of the ruling Conservative Party are pushing for tax cuts ahead of the next election, with the Labour Party currently leading in the polls. The Institute for Fiscal Studies recently reported that tax revenue is expected to reach 37% of the country’s economic output by the next election, the highest rate since the 1950s. Former Prime Minister Liz Truss and other Conservative lawmakers have pledged not to support any new taxes that increase the overall tax burden. Hunt emphasized the need for greater technology investment in public services to improve productivity, rather than solely focusing on increasing staff numbers. He stressed the importance of finding a formula that breaks the cycle of rising taxes.
