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News Update: Sunak Won’t Cut Taxes Until Finances are Stable Again

A bit of bad news for those worried about potential tax cuts: Chancellor Rishi Sunak stated that he would only begin to consider cutting taxes when public finances are stable after the toll the coronavirus took on the national economy.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it.

Sunak made his statements in response to claims that taxation has hit the limit. And going a step further, in response to Tory critics who say that raising taxes is “un-Conservative”, he said that borrowing more would in fact be “immoral.” And that reckless borrowing and soaring debt are even more un-Conservative.

Optimistic future

However, in his Conservative Party Conference speech, he was optimistic about the nation’s future and plans surrounding artificial intelligence with scholarships and research placements. In order to keep the UK’s status as a global leader, in AI, new measures worth around £200 billion a year will be infused into the economy.

Sunak stated that “recovery comes with a cost” and that because the national debt is almost 100% of gross domestic product, the priority will be to fix public finances. 

After being asked repeatedly about further tax increases, including an increase of council tax to help fund social care, the chancellor confirmed he would not “pre-empt” the local government finance settlement and that he wouldn’t comment on future tax policy.

What issues will be priority?

Amongst the first issue to tackle is the cost of living, as it’s one of the Conservative government’s central missions. On the horizon, the public needs to expect rising energy bills, an impending Universal credit cut, and an increase in National Insurance so they can be fully prepared for the potential impact on household finances.

Brexit is presenting even more challenges that require the UK to be agile, flexible, and free so that the people can contribute to “a renewed culture of enterprise.”

Additionally, Sunak promised more than £500 million in new funding intended to encourage people to return to work after the coronavirus pandemic shook up the job market.

Consider your financial plans

Of course, the situation remains fluid, and things can change at a moment’s notice. Be sure to keep up to date with the ever-changing situation and get in touch with us to discuss any concerns about the potential impact on your finances.

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