Britain’s finance minister, Jeremy Hunt, has ruled out tax cuts in the near future. Many members of the ruling Conservative Party are hoping for tax cuts before the next election. However, Hunt stated that they are not currently in a position to discuss tax cuts. He prioritizes supporting Prime Minister Rishi Sunak’s goal to cut inflation in half rather than reducing taxes. The Institute for Fiscal Studies predicts that tax revenue will make up 37% of the economy during the next election, up from 33% in 2019. However, Hunt believes that instead of relying on tax increases, there should be greater investment in technology to improve public services and increase productivity.
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