Jeremy Hunt has dropped further hints about a tax-cutting Budget as the Tories gear up for the general election.
The Chancellor said “the direction of travel” was for the UK to emulate successful low-tax economies.
Mr Hunt, who will deliver his Budget on March 6, said low-tax countries were “more dynamic” and “more competitive”.
Speaking at the World Economic Forum in Davos, Switzerland, he said: “In terms of the direction of travel we look around the world and we note that the economies growing faster than us in North America and Asia tend to have lower taxes, and I believe fundamentally that low-tax economies are more dynamic, more competitive and generate more money for public services like the NHS.
“That’s the direction of travel we would like to go in but it is too early to say what we are going to do.”
“Britain is on the up and open for business”.
Chancellor @Jeremy_Hunt spoke at a @wef session at Davos with @Microsoft CEO @satyanadella & @moderna_tx CEO Stéphane Bancel about the UK's strengths in the industries of the future such as tech & life sciences. pic.twitter.com/eGNPnt5hOW
— HM Treasury (@hmtreasury) January 18, 2024
With a general election not expected until the second half of 2024, the Chancellor may also be able to use an autumn statement to further ease the tax burden.
In comments reported by the Guardian, he said: “The Prime Minister hasn’t decided on the date of the election yet, or if he has he hasn’t told me.
“By law there have to be two fiscal events each year. We will see where we get to after the spring Budget.”