UK Chancellor Rules Out Significant Tax Cuts as He Focuses on Cutting Inflation

Britain's Chancellor of the Exchequer Jeremy Hunt walks out of Number 11 Downing Street on his way to make a full budget statement in the House of Commons, in London, on Nov. 17, 2022. Justin Tallis/AFP via Getty Images

UK Chancellor of the Exchequer Jeremy Hunt has ruled out “significant” tax cuts in the next budget as he put the top priority on reducing inflation.

In a speech at Bloomberg’s London headquarters on Friday, Hunt said reducing inflation was the “only sustainable way to restore industrial harmony” in Britain as he suggested tax cuts would have to wait.