The Government, already a considerable distance behind in opinion polls, has decided that it won't try to “bribe” the electorate by cutting taxes in the run-up to the General election that has to take place before January 2025.
The Chancellor of the Exchequer, Jeremy Hunt, has admitted that the current economic conditions in the country make any pre-election cuts in his Autumn statement “unlikely.”
Following Rishi Sunak’s pledge to halve the rate of inflation by the end of the year to around 5%, Hunt will not add billions to demand while the Bank of England is tightening monetary policy to reduce it.
Hunt has already said that achieving the Cabinet pledge on inflation will be difficult to achieve.
The Conservative Party, which has appeared to be on the brink of civil war constantly since David Cameron’s departure as Prime Minister seven years ago, will need to use the summer recess of Parliament to regroup and try to find a way to eat into Labour’s lead in the polls.
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