Hunt Resists Calls for Tax Cuts Amid High Inflation, Raises Minimum Wage Instead

UK finance minister Jeremy Hunt said he cannot commit to "inflationary" tax cuts before the next election.
Hunt wants to raise the minimum wage for over 23s to £11/hour, up from £10.42/hour.
But his message was overshadowed by Conservative calls for tax cuts to close the gap with Labour in polls.
Hunt said tax cuts this year would be inflationary, making it harder to halve inflation by year-end.
Former PM Liz Truss will call for cutting corporation tax to 19% to make Conservatives "the party of business again".

investing.com

Relevant topic timeline:

9/11/2023

UK Pre-Election Tax Cuts Unlikely as Inflation Concerns Limit Options for Fiscal Stimulus

Jeremy Hunt has warned that high inflation rates in Britain will prevent tax cuts this autumn, as the Bank of England signals another rate rise to ease cost of living pressures. Hunt cautions against overstimulating the economy and pushing up prices by pumping extra money into consumers' pockets.

9/22/2023

UK's High Debt Levels Make Tax Cuts 'Virtually Impossible', Says Jeremy Hunt

Chancellor Jeremy Hunt says tax cuts will be "virtually impossible" until the UK economy improves due to high levels of national debt and the need to reduce inflation.

10/1/2023

Hunt to Announce Minimum Wage Increase to £11 per Hour, Resists Tax Cut Demands

British finance minister Jeremy Hunt will announce a rise in the minimum wage and ignore calls for tax cuts in his annual Conservative party conference speech.