Boosting the Economy

Jeremy Hunt, the Chancellor of the Exchequer, is considering implementing 'priority' tax cuts for businesses in order to stimulate economic growth. This comes after improved public finances have provided him with approximately £20 billion to work with.

Slashing Levies for Firms

Mr. Hunt intends to reduce taxes for businesses as part of the Autumn Statement, which will be released next week. He believes that business tax cuts should be the primary focus, as they will enhance the long-term capacity of the British economy to generate the necessary wealth to fund the National Health Service (NHS).

Responsible Approach

While the recent drop in inflation to 4.6% has given a boost to the government, Mr. Hunt is determined not to take any risks that could cause it to rise again. He stated that tax cuts will be pursued, but not in a way that fuels inflation.

Potential Measures

The Chancellor could use the upcoming mini-Budget on Wednesday to extend a scheme that allows firms to deduct investments, such as IT, from their taxes. Additionally, there is speculation that inheritance tax may be reduced. The hospitality industry may also receive an extension to business rates relief.