Rishi Sunak has pledged to cut taxes ahead of the Autumn Statement later this week. The Prime Minister said that taxes could be cut because inflation has halved.
Sunak was making a speech at a London college on Monday morning. The Autumn Statement will take place on Wednesday. This is where the UK Government sets out its tax and spending plans.
It comes after SNP Deputy First Minister Shona Robison warned Tory Chancellor Jeremy Hunt against "ill-timed tax breaks" for wealthy people. Sunak did not say which taxes would be cut but said it would be done “carefully and sustainably”.
He said: “We will do this in a serious, responsible way, based on fiscal rules to deliver sound money, and alongside the independent forecasts of the Office of Budget Responsibility.
“And we can’t do everything all at once. It will take discipline and we need to prioritise. But over time, we can and we will cut taxes.”
Sunak had pledged to halve inflation this year as one of his five pledges for his government. This was confirmed last week when inflation dropped to 4.6 per cent.
But this means prices are still rising, just not as quickly. He also said the UK Government’s approach was “one that gets inflation down and keeps it down”.
“One that believes the private sector grows the economy and, where government has a role, it must be limited.
“One that believes in cutting taxes, but doing so carefully and sustainably. And one that is ambitious about the unprecedented opportunities for this country from the new wave of technology.”
Labour’s National Campaign Coordinator Pat McFadden said:
"The Tories have failed to deliver on so many pledges from the past. Why should people believe they will deliver on pledges for the future?
“It sums up this Conservative Party to claim things will be better tomorrow when they can’t even fix the problems of today.
“After thirteen years of Conservative governments, working people have been left worse off and the Conservative economic record lies in tatters. Only Labour can get our economy growing and deliver change for working people.”
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