The Tory party’s plan to further cut taxes in the Spring Budget is not exactly a secret. Still, Jeremy Hunt’s suggestion at Davos that they are indeed coming has sparked imaginations – while his party continues to debate internally where these tax cuts should land.
Speaking on a panel at the World Economic Forum’s conference in Davos, Switzerland, the Chancellor gave his biggest indication yet about his priorities for the upcoming fiscal statement. ‘We note that the economies growing faster than us in North America and Asia tend to have lower taxes,’ he said. ‘I believe fundamentally that low-tax economies are more dynamic, more competitive and generate more money for public services like the NHS.’
Whatever choice Hunt makes, any decision to cut taxes won’t be simple
Of course, Hunt was careful to couch any talk of tax cuts by noting that whatever he does has to be possible within the scope of the public finances.
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