Home Business News Sunak dangles prospect of more tax cuts as ‘good progress’ has been made on economic pledges

Sunak dangles prospect of more tax cuts as ‘good progress’ has been made on economic pledges

by LLB political Reporter
8th Jan 24 1:51 pm

The Prime Minister has suggested on Monday that more tax cuts could be on the horizon as “good progress” has been made on the government’s economic pledges, he claims.

Rishi Sunak has said that the government have halved inflation and cut debt ahead of the autumn general election.

At an event in Lancashire Sunak said, “Inflation is the most important one. I’m pleased that we’ve delivered that ahead of schedule.

“It happened because we took difficult and responsible decisions to control spending and borrowing and welfare and allow the Bank of England to get on and do its job.

“And because we did all of that and successfully halved inflation, we are now in a position where we can cut your taxes.”

Sunak claimed that the Labour leader Sir Keir Starmer “would just take us back to square one.”

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The Prime Minister added, “He has been Leader of the Opposition for four years now and in that time, he hasn’t said what he would do differently.

“That’s because he doesn’t have a plan. He just snipes from the sidelines instead.”

Speaking about the Prime Minister on Sunday, Sir Keir told Sky News, “And so my challenge to him would be: if you’ve got a plan, set the date.

“If you haven’t got a plan, just get on with it as quickly as possible.”

Treasury minister Bim Afolami made it clear on Monday that more tax reductions are on the way, he told LBC Radio, “It’s the beginning of a tax cutting year.”

He hailed the Chancellor’s National Insurance cut from 12% to 10% that came into effect on Saturday.

Jeremy Hunt insists this is the largest ever cut to employee and self-employed National Insurance,” which will benefit 29 million working people, costing around £9 billion.

Afolami, added, that the government decisions have allowed for tax cuts to happen this year.

He said, “It comes because of the careful management of the economy.

“That’s why now we can begin the process of putting money back into people’s pockets. And that’s what this (NI) tax cut is about.”

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