TORY MPs have been told not to expect a tax-slashing bonanza in the March Budget. Chancellor Jeremy Hunt thinks inflation – currently still at a staggering 10.5 per cent – is still too …
prices soared by 16.8 per cent in the year to December, with basics such as milk, cheese and eggs seeing the largest increases.
The Chancellor has told MPs he still wants to make tax cuts before the next election - which is likely to be in 2024 - but may have to wait until the economy starts to recover. One Government insider said: "We want low taxes and sound money. But sound money has to come first, because inflation eats away at the pound in people’s pockets even more insidiously than taxes."
But Tories are urging him to slash the eye-watering tax burden to help ease the cost of living crisis for families.
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