Prime minister Rishi Sunak has announced tax cuts. Bloomberg reports. The reductions will only take effect when inflation is under control. “I wish I could implement it tomorrow,” he said in a question-and-answer session in Morecambe.
Sunak stated that his priority in bringing inflation down is, all the more so because the level of inflation in the UK is five times higher than the two percent target. According to Sunak, the high inflation is caused by after-effects of the corona crisis and the war in Ukraine, which are causing energy prices in the UK to go through the roof.
However, Sunak openly admits that it is not able to implement all measures directly in connection with the current state of the economy. Since taking office as prime minister in October, he has been mainly concerned with cleaning up the economic mess left by his predecessor Liz Truss. In her reign – which lasted only seven weeks-she implemented, among other things, controversial tax measures, which caused financial instability.
“The worst thing I can do is promise things that sound nice, but ultimately only make things worse,” Sunak said of his plans. “It’s going to take time to get where we need to be.’
