British finance minister Rishi Sunak said on Friday his priority now was to cut taxes after taking steps to address the loophole in public finances caused by the surge in public spending during the pandemic.
"We have made a difficult decision that we have to make," Sunak said at a conference organized by his Conservative Party. Sunak stated his priority in the near future is to reduce taxes.
Sunak said the changes to the welfare benefit system he announced last year represented the beginning of the tax -cutting process. Sunak also opined that the government had collected taxes from the people at such a high level that it was burdensome.
Sunak is expected to deliver a half -yearly budget update on March 23 and is likely to public spending to ease the pressure of the rising cost of living.
Finally he stressed that the rise in inflation has affected many parties and this move is as an approach to address the additional costs of reducing some of the burden.
