Treasury rules out tax cuts after ambush by shock borrowing figures

The Government borrowed £27.4bn in December, more than twice as much as a year earlier and £10bn more than was forecast.

A source said: “It was way higher than what we expected – but that is the nature of an uncapped, unlimited exposure to international gas markets.”has been told, despite calls from some Conservatives to try and stimulate the economy with fiscal expansion. The only significant cut being considered is scrapping the scheduled rise in fuel duty.

However, more optimistic forecasts for the future path of wholesale energy prices make it more likely that the Government could announce tax cuts early in 2024, before the expected date of a general election. The Chancellor said: “Right now we are helping millions of families with the cost of living but we must also ensure that our level of debt is fair for future generations. We have already taken some tough decisions to get debt falling, and it is vital that we stick to this plan so we can halve inflation this year and get growth going again.”

Source: Loan Digest (loandigest.net)

HugoGye there wouldn't be tax cuts announced in the budget on March 15 - they'll have to wait until next March, election year.

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Why Rishi Sunak And Jeremy Hunt Might Decide You Have To Retire At 68Anyone born after April 1971 might be in for a shock come this spring. The article says 54 & under so wouldn’t that be 1969? You may want to check your maths on when people aged 54 were born...
Source: HuffPostUK - 🏆 108. / 51 Read more »

Ghislaine Maxwell insists Prince Andrew photo is 'a fake' in Jeremy Kyle interview from prisonThe convicted sex trafficker, who was sentenced to 20 years behind bars last June, insisted the photo of the Duke of York is 'fake' Watch JeremyKyleLive later today jklive So fake the Queen stumped up £12 million to pay her off. I guess Ghislaine doesn't know experts can actually tell a fake from a real photo.
Source: i newspaper - 🏆 8. / 89 Read more »

Nottinghamshire Police hunt for wanted man“If you see him, please do not approach him but call 999 immediately.'
Source: nottslive - 🏆 96. / 52 Read more »

Police hunt as six injured after car ploughs into pedestrians in North London hit-and-runFour people were taken to hospital - with two more injured - after a car ploughed into pedestrians in North London yesterday evening When a car was driven into pedestrians, it did not do it on its own.
Source: LBC - 🏆 17. / 74 Read more »