British Finance Minister Risi Sunak said on Friday that his priority was now to reduce taxes, having already taken steps to address the huge hole in public finances caused by the increase in public spending due to the pandemic, Reuters reported.
“We made the difficult decisions we had to make,” Sunak told a Conservative conference.
“My priority in the future is to reduce taxes. I made that very clear in the budget.”
Sunak said the changes to the social security system he announced last year were the beginning of a tax-cutting process. “My plan during this government is to continue to reduce taxes, to reduce the tax burden,” he said.
The tax burden on Boris Johnson’s government is set to reach its highest level since the 1950s – upsetting many Conservative MPs – after Sunak announced an increase in social security contributions from April and a large corporate tax increase in 2023.
He is due to present the semi-annual budget update on March 23 and is under pressure to spend billions of extra pounds to ease the growing pressure on the cost of living.
“No government can solve every problem, especially when you are struggling with global inflationary pressures,” he told a news conference on Friday, when asked about his spring statement.
“But as you saw about a month ago, when we announced a very important intervention to help people cope with the added cost of energy bills, where we can make a difference, of course I can, I always will.”
Source: Capital
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