UK Prime Minister Rishi Sunak used the opening session of the Global Food Security Summit at Lancaster House on Monday to lay out his focus on cutting taxes after meeting his inflation goals.
"Now that inflation is halved and our growth is stronger, meaning revenues are higher, we can begin the next phase and turn our attention to cutting tax," said Sunak.
Eyeing the 2024 election, Sunak emphasised a careful and sustainable approach to tax reduction, distancing himself from the unfunded tax cuts of his predecessor Liz Truss and her right-hand man Kwasi Kwarteng implemented in September 2022.
Sunak is under pressure to strike a balance between classic low-tax Tory policies without triggering turmoil in the bond markets that followed Truss’ and Kwarteng’s infamous Mini-Budget last year.
Meanwhile, Wednesday’s Autumn Statement is rumoured to include significant changes to Individual Savings Accounts (ISAs) and possibly inheritance tax.
Reports suggest that Chancellor Jeremy Hint may allow multiple ISAs of the same type to be opened in a single tax year, a shift from the current rule that limits individuals to different types of ISA accounts annually.
Also on the rumour mill are changes to inheritance tax and a plan to tackle stealth taxes such as the insurance premium tax.