JEREMY Hunt has vowed to harness Britain’s entrepreneurial spirit this week to create a “fizzing” place to do business.
The Chancellor admitted the tax burden was “too high” — fuelling speculation he would cut business levies to boost growth.
ReutersJeremy Hunt has vowed to harness Britain’s entrepreneurial spirit this week[/caption]
It also emerged he was considering last-minute trims to income tax and National Insurance in his Autumn Statement on Wednesday after improvements to the economy gave him £25billion of financial wriggle-room.
Mr Hunt told Sky News: “I think it’s important for a productive, dynamic, fizzing economy that you motivate people to do the work, to take the risks that we need.”
He outlined how his priority is to back British business, adding that “lower tax is essential to economic growth”.
And he insisted yesterday “everything was on the table” — despite fears going too far could hike inflation.
He said: “I want to show people there’s a path to lower taxes. But we also want to be honest with people, this is not going to happen overnight. It requires enormous discipline year in, year out.
“If you want to bring down personal taxes the only way to do that sustainably is to spend public money more efficiently. These things take time.”
Some Tory MP, especially those in Red Wall seats, have warned against reducing inheritance tax amid a cost-of-living crisis.
They fear it could look like favouring the well-off, and the move could be delayed until the spring.
PM Rishi Sunak will deliver a speech today on the economy after hitting his target to halve inflation by the end of the year.