The UK Chancellor urges businesses to help address the issue of soaring prices, as the government falls significantly short of its promise to reduce inflation from 8.7 percent to 5 percent.
Jeremy Hunt, the UK’s chancellor, has acknowledged that the government is unlikely to implement tax cuts before the upcoming election.He emphasized that the economy would not receive a significant boost by injecting billions due to demand, which would worsen the battle against inflation.Despite Prime Minister Rishi Sunak’s promise to reduce the UK’s inflation to around 5 percent by year-end, it has remained at 8.7 percent. Hunt told media sources in an interview that achieving this target would be more challenging than anticipated.He explained that the government won’t support tax cuts if they worsen the fight against inflation. Adding that pushing billions of pounds more into the British economy while inflation is already too high would mean UK spending plans would contradict efforts to control inflation.
