Updated March 3rd, 2024 at 15:32 IST

British FM Jeremy Hunt eyes tax cuts with fiscal caution

Hunt emphasised prudent financial management amidst desire for continued tax policy balance.

Reported by: Business Desk
Jeremy Hunt | Image:GOV.UK

Tax cut intentions: Jeremy Hunt, the British finance minister, expressed his intention to pursue further tax cuts in his upcoming annual budget, slated for Wednesday. However, he stressed that any tax reductions must be approached with fiscal responsibility, stating it would be "deeply unconservative" to implement cuts that would necessitate increased borrowing.

Reflecting on recent fiscal measures, such as the reduction of two pence in the National Insurance rate during the Autumn Statement, Hunt highlighted the focus on prudent financial management. While indicating a desire to continue on this trajectory, he stressed the importance of maintaining a balanced approach to tax policy.

Speaking to Sky News on Sunday, Hunt reiterated the government's stance, affirming a dedication to fiscal conservatism while aiming for progress in tax reform. He emphasised the need to avoid measures that could exacerbate borrowing levels, prioritising responsible fiscal decision-making in the pursuit of economic stability and growth.

(With Reuters Inputs)

Published March 3rd, 2024 at 15:32 IST