Chancellor aims to improve long-term capacity of the British economy
Chancellor Jeremy Hunt is considering implementing "priority" tax cuts for businesses in an effort to stimulate economic growth. With an extra £20 billion in public finances, Hunt hopes to provide a lifeline to companies by slashing levies. He believes that business tax cuts should be the priority in order to enhance the long-term capacity of the British economy and generate the necessary wealth to fund the NHS.
Caution urged to prevent inflation rise
Despite the positive news that inflation has fallen to 4.6%, meeting the Prime Minister's target of halving the rate by the end of the year, Hunt remains cautious about risking another increase. He emphasized the importance of not being irresponsible and fueling inflation with income tax cuts. Instead, the Chancellor aims to bring taxes down responsibly and sustainably.
Potential measures in the Autumn Statement
Hunt may use next week's Autumn Statement to extend a scheme allowing firms to write off investments, such as IT, against tax. Additionally, it is speculated that inheritance tax may be reduced. Furthermore, the hospitality industry could be granted an extension to business rates relief.
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