tax burden

The chancellor said the time has come to start planning for a post-inflation economy, but declined to confirm whether cuts can be expected this week.

The prime minister said he’s prioritising on controlling inflation, which he said is effectively a tax that eats into people’s pockets.

The chancellor ruled out tax cuts in the autumn, but said the AI and welfare reform can help break the ‘vicious circle of ever-rising taxes.’

The biggest driver of the tax hike is not COVID-19 responses, but a pre-pandemic desire for higher government spending, the economic research institute said.