London, June 3 (BNA): British Prime Minister Rishi Sunak wants to cut taxes by up to two pence in the pound before the next national election, expected in 2024, is reported by The Telegraph.
The newspaper said, without citing its sources, according to Reuters, that government officials believe that a slower-than-expected decline in the high rate of inflation in Britain will not prevent tax cuts from April.
Sunak had earlier said he wanted to cut taxes but only once the loophole in public finances was fixed and also pledged to halve inflation this year.
The Telegraph said the tax cuts under consideration could be introduced through Britain’s National Insurance social security scheme or personal income tax.
Sunak’s Conservative Party is far behind the opposition Labor Party in opinion polls. Many conservative lawmakers want SNACK to cut taxes, even as calls for increased spending on public services, including the health system, grow.
The Telegraph said Sunak wanted to follow through on tax cuts in 2024 by going into the next election with a renewed pledge to cut income tax rates by one penny each year of the next parliament session.
MI