Hunt's Plan for Business Tax Cuts

Chancellor Jeremy Hunt has revealed that tax cuts for businesses are a "priority" to give the economy a much-needed boost. He believes that improving the long-term capacity of the British economy is crucial in generating the necessary funds to support the NHS.

Government's Attempt to Bounce Back

The upcoming Autumn Statement is seen as an opportunity for the government to regain control after the Supreme Court's blow to the deportation plan for Rwanda. Downing Street is encouraged by positive inflation news, as it hits the Prime Minister's target of halving the rate by the end of the year.

Responsible Approach to Tax Cuts

Hunt emphasized the importance of responsible decision-making in relation to tax cuts. While the government aims to lower taxes, they will not adopt a strategy that fuels inflation, considering the recent progress made in halving inflation rates.

Mini-Budget Plans

The Chancellor may use the upcoming mini-Budget to extend "full expensing," allowing firms to write-off investments against tax. There is also speculation about potential cuts to inheritance tax, which will be decided over the weekend. Additionally, the hospitality industry could receive an extension to business rates to protect its future and that of the High Street.

Prime Minister's Perspective

Prime Minister Rishi Sunak emphasized the economic significance of halving inflation and acknowledged that there is still work to be done. He compared inflation to a tax that affects everyone, making them feel poorer by increasing prices and eroding savings and pensions.