Chancellor Rishi Sunak has issued a fresh signal of his determination to cut taxes ahead of the next general election amid concern among Tory MPs at the rising burden on the taxpayer. Mr Sunak has ordered Treasury officials to review options for reducing the tax burden which is set to rise to its highest level for 70 years. The Times reported that the measures could include a 2p cut in the basic rate of income tax and slashing the rate of VAT. The aim would be to deliver cuts ahead of the next general election, currently due in 2024. A Treasury spokesman said: “We keep the tax system under constant review.

Source: The Times December 04, 2021 10:46 UTC