To ask His Majesty's Government what assessment they have made of the feasibility of cutting taxes in the upcoming budget, further to the report, Public sector finances, UK: December 2023, published by the Office for National Statistics on 23 January, and having regard to the overall stability of the economy.
Answered on
1 February 2024
The Government is committed to sustainable public finances and has taken responsible decisions to keep debt falling and borrowing at a sustainable level.
Autumn Statement 2023 confirmed that inflation has been halved and underlying debt is forecast to fall. The Chancellor is now delivering on his commitment to cut taxes – making full expensing permanent so businesses can invest for less. In addition, the Chancellor’s reforms to NICs will cut taxes for 29 million working people. These reforms will grow the economy, and make the tax system simpler for businesses and individuals.The Chancellor announced in December that he has commissioned the Office for Budget Responsibility to prepare an updated economic and fiscal forecast to be presented to Parliament alongside his Spring Budget on 6 March 2024.
Answered by
Treasury