Rishi Sunak Confident in Cutting Taxes Before Next Election Despite By-Election Woes

Lower Taxes on the Horizon

UK Prime Minister Rishi Sunak expressed his confidence in cutting taxes before the next election, even as he faces challenges in ongoing by-elections. Sunak aims to halve inflation to below 5.3% by the end of the year, opening up the possibility of tax reductions in the spring.

A Lower Tax Economy

In a recent speech in London, Sunak emphasized his commitment to delivering a lower tax economy for the country. He stated, "But first we have to make sure inflation is brought down." Inflation currently stands at 6.7%, but experts predict a significant decrease in November due to declining energy costs.

Labour's Lead and the Promise of Tax Cuts

Recent polling shows Labour with a 20-point lead, prompting questions about whether Sunak would offer tax cuts in an effort to win the upcoming election. In response, Sunak affirmed his desire to lower taxes, stating, "I’ve always been clear that of course I want to cut people’s taxes — I’m a Conservative, I believe in doing that. But the priority when I became Prime Minister was to bring inflation down."

By-Election Woes

The Conservative Party is currently facing another challenging by-election in Northamptonshire following the formal suspension of Tory MP Peter Bone from the House of Commons. A recall petition will be held in his Wellingborough seat, requiring the signatures of ten percent of voters to trigger a poll. The petition will open on November 8 and close on December 19, potentially pushing any by-election into 2024. However, Labour has urged Mr. Bone to resign immediately to spare constituents the inconvenience of the recall process.