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☆ Britain cancels $1.7 billion of computing projects in setback for global AI ambitions
▼ + stars: | 2024-08-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

(Photo by Rasid Necati Aslim/Anadolu via Getty Images)The U.K. government has canceled £1.3 billion ($1.7 billion) worth of computing infrastructure projects, in a big setback to the country's ambitions to become a world leader in artificial intelligence. A government spokesperson confirmed to CNBC that two major taxpayer-funded spending commitments, worth £500 million and £800 million, respectively, were being dropped in order to prioritize other fiscal plans. Earlier this week, British Finance Minister Rachel Reeves announced a raft of spending cuts after revealing Labour had inherited a projected £22 billion ($28 billion) of unfunded pledges from the center-right Conservatives. The Labour government was widely expected to announce the introduction of the first-ever U.K. AI Bill in a speech delivered by King Charles III last month. A DSIT spokesperson instead told CNBC the government would consult on plans to regulate AI in due course.

Persons: Rasid Necati, Rishi Sunak's, Rachel Reeves, unfunded, codebreakers, Keir Starmer's, King Charles III Organizations: Artificial Intelligence, Getty, CNBC, Research, University of Edinburgh, Labour, Department for Science, Innovation, Technology, British Locations: London, United Kingdom, Anadolu, Bletchley, Nazi Germany

☆ Britain’s Labour Government Says It Inherited a $28 Billion Budget Hole
▼ + stars: | 2024-07-29 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Britain’s Labour government said it was making “difficult decisions” concerning the budget, including cutting some road and rail projects and pension benefits, after accusing its predecessor, the Conservative Party, of leaving the country’s finances in a mess. Rachel Reeves, the chancellor of the Exchequer, said on Monday that there was a hole of 22 billion pounds (about $28 billion) in the country’s coffers this year because spending needs had exceeded expected revenue. Ms. Reeves accused the Conservative Party of making spending commitments on plans such as road repairs and building new hospitals “knowing the money wasn’t there.” Some of those plans would scrapped or reviewed. “The scale of this overspend is not sustainable,” Ms. Reeves told lawmakers in Parliament. She will present a full budget to lawmakers at the end of October.

Persons: Rachel Reeves, Reeves, Ms Organizations: Labour, Conservative Party Locations: Rwanda

☆ UK finance chief says public finances show $28 billion spending hole, cuts road and rail projects
▼ + stars: | 2024-07-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Britain's Finance Minister Rachel Reeves has pledged to make the "necessary", "urgent" and "incredibly tough" choices to restore the country's economic stability. Britain's Finance Minister Rachel Reeves on Monday announced a raft of project cuts after detailing how the newly elected Labour government has inherited a projected overspend of £22 billion ($28.2 billion) from the center-right Conservatives. The finance minister also said she had canceled plans to sell NatWest shares to the public, saying the proposal put forward by her predecessor Jeremy Hunt did not "represent value for money." Britain's finance chief has previously ruled out increases to income tax, national insurance, VAT or corporation tax — the main sources of government revenues. However, Reeves must orchestrate a delicate balance act given the pledges from her party to also boost national investment and public sector pay.

Persons: Rachel Reeves, Reeves, Boris Johnson, Jeremy Hunt Organizations: Britain's, Monday, Labour, Railways Fund, Conservative, NatWest

☆ UK finance minister: Growing the economy is our number one priority
▼ + stars: | 2024-07-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK finance minister: Growing the economy is our number one priorityU.K. Finance Minister Rachel Reeves pledges to provide businesses with more certainty as the new government makes economic growth its "number one priority."

Persons: Rachel Reeves Organizations: Finance

☆ This will be the most pro-business Treasury Britain has ever seen: UK Finance Minister Rachel Reeves
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis will be the most pro-business Treasury Britain has ever seen: UK Finance Minister Rachel ReevesRachel Reeves, Britain's finance minister under the new Labour government, discusses growth plans for the economy.

Persons: Rachel Reeves Rachel Reeves Organizations: Treasury Britain, UK, Labour

☆ UK Finance Minister Rachel Reeves pledges most 'pro-growth, pro-business' government the country has seen
▼ + stars: | 2024-07-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

"I will work with business to make sure we're doing all we can to bring wealth creation, to bring business investment to the U.K. economy," she added. "This is going to be the most pro-growth, pro-business Treasury that this country has ever seen," Reeves told CNBC's Steve Sedgwick via remote interview. LONDON — U.K. Finance Minister Rachel Reeves said Friday that the new Labour government would be the most pro-growth and pro-business the country has seen. We need to attract business investment to be able to do that." However, the chancellor has a fine balance to tread given pledges from her party to also boost national investment and public sector pay.

Persons: Reeves, CNBC's Steve Sedgwick, Rachel Reeves, I'm, Keir Starmer, Starmer Organizations: Treasury, CNBC, LONDON, Finance, Labour, Conservative Locations: Rio de Janeiro, Brazil, Britain

☆ 'Get Britain building again': New UK finance chief restores housing targets
▼ + stars: | 2024-07-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

LONDON — Britain's new finance chief on Monday outlined a spate of measures to revitalize the U.K.'s languishing economic growth and address national housing shortages. "I have repeatedly warned that whoever won the general election would inherit the worst set of circumstances since the Second World War. A former Bank of England economist, Reeves was appointed as Britain's first female chancellor of the exchequer — equivalent to a finance minister — on Friday, when newly-invested Prime Minister Keir Starmer named his first cabinet. Ahead of her first speech, she championed economic growth as both a party priority and the "national mission." Housing and planning were center stage in Reeves' Monday speech:"First, we will reform the national planning policy framework, consulting on a new growth-focused approach to the planning system before the end of the month.

Persons: Rachel Reeves, Reeves, —, Keir Starmer, Housebuilding Organizations: Treasury, Labour Government, LONDON, Bank of England, Conservative, Labour Locations: London, England

☆ The American Inspiration for Britain’s First Female Chancellor
▼ + stars: | 2024-07-06 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

After 14 years in the shadows, Britain’s Labour Party has returned to governing. And the country’s first female chancellor of the Exchequer, Rachel Reeves, is faced with the tough job of restoring Britain’s economic growth prospects and ending a decade and a half of stagnation. For inspiration, she has turned to another glass-ceiling-shattering woman, on the other side of the Atlantic: the U.S. Treasury secretary, Janet L. Yellen. Ms. Reeves was named chancellor on Friday after the Labour Party won a majority in Thursday’s general election. Ms. Yellen’s “modern supply-side economics” aims to bolster economic growth by increasing the number of workers and raising productivity while reducing inequality.

Persons: Rachel Reeves, Janet L, Reeves, Yellen, Yellen’s Organizations: Britain’s Labour Party, U.S, Treasury, Labour Party Locations: United States

☆ Who Is Rachel Reeves, the Woman Taking the Helm of Britain’s Economy?
▼ + stars: | 2024-07-05 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

Rachel Reeves became Britain’s first female chancellor of the Exchequer on Friday, taking on one of the country’s four great offices of state, with responsibility for managing Britain’s budget. After a decade and a half of economic stagnation, Ms. Reeves, a Labour lawmaker with a reputation as a serious and steady manager, faces the tough jobs of boosting Britain’s productivity growth, a key measure of prosperity, and of reviving struggling public services. “I know the scale of the challenge that I’m likely to inherit,” Ms. Reeves told the BBC early Friday. “There’s not a huge amount of money there,” she said, adding that the party needed to unlock private investment. Ms. Reeves is expected to approach her new role with deliberation.

Persons: Rachel Reeves, Britain’s, Reeves, ” Ms, “ There’s, ”, ” Carys Roberts Organizations: Labour, BBC, Institute for Public Policy Research

☆ UK's Starmer appoints Reeves and Rayner to top ministerial team
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: +1 min

Britain's new Prime Minister Keir Starmer began appointing his ministerial team on Friday following a thumping election victory for his Labour Party, naming Rachel Reeves as the country's first female finance minister and Angela Rayner as deputy PM. Starmer appointed David Lammy as Britain's new foreign minister and as John Healey the defence minister, while Yvette Cooper becomes interior minister, known as home secretary, overseeing domestic security and policing. Starmer has pledged to help rebuild Britain and provide political stability after 14 years of Conservative government that has seen five prime ministers and an even higher turnover of other key ministers, including 10 education secretaries. The appointments of his most senior team were widely expected, with ministers being named to the policy briefs they held while serving in opposition. Rayner will also serve as secretary for levelling up, housing and communities.

Persons: Keir Starmer, Rachel Reeves, Angela Rayner, Starmer, David Lammy, John Healey, Yvette Cooper, Healey, Rayner Organizations: Labour Party, Lammy, Ukraine, Conservative Locations: Russia, Gaza, Britain

☆ UK Labour Party's Rachel Reeves has 'orthodox' approach to fiscal policy, former BOE governor says
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Labour Party's Rachel Reeves has 'orthodox' approach to fiscal policy, former BOE governor saysJohn Gieve, former deputy governor of the Bank of England, weighs in on which fiscal measures he's anticipating from Rachel Reeves, who's expected to become Britain's first-ever female finance minister in Keir Starmer's incoming Labour government.

Persons: Rachel Reeves, BOE, John Gieve, who's, Britain's, Keir Starmer's Organizations: Labour, Bank of England

☆ Starmer pledges to ‘reset’ Britain as Labour takes over after 14 years of Conservative rule
▼ + stars: | 2024-07-05 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +10 min

London CNN —The Labour Party has won a landslide victory in the UK general election, sweeping into power after 14 years of Conservative rule on the back of a wave of public disillusionment. Addressing the nation from outside 10 Downing Street for the first time as prime minister, Starmer had one overarching message: Change starts now. There were high-profile casualties, with the short-lived former Prime Minister Liz Truss and several cabinet ministers being booted out by voters. Conservative leader and, as of Friday morning, former Prime Minister Rishi Sunak took responsibility for the electoral wipeout, apologizing to voters in his farewell address. Leaving the palace as the newly minted prime minister, he then headed straight to Downing Street.

Persons: Keir Starmer, King Charles III, Starmer, ”, Liz Truss, Rishi Sunak, Sunak, “, Akshata Murty, Nigel Farage, Donald Trump, Farage, Sinn Féin, Clodagh Kilcoyne, Rachel Reeves, Angela Rayner, David Lammy, Yvette Cooper, Jeremy Corbyn, Yui Mok, Tony Blair, Starmer –, –, Israel “, David Cameron, Brexit –, Boris Johnson Organizations: London CNN, Labour Party, Conservative Party, Labour, Conservative, Downing, British, Conservatives, Liberal, Lib Dems, Reform UK, Green Party, Scottish National Party, Irish, Democratic Unionist Party, DUP, Reuters Government, Home, Tories, European Union Locations: British, United Kingdom, Buckingham, Scotland, Northern Ireland, Ireland, Westminster, Starmer, Gaza, Britain, Europe, United States, Ukraine

☆ Keir Starmer must fix Britain’s economic mess after UK election win
▼ + stars: | 2024-07-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —British voters have handed the Labour Party its first election victory in almost two decades, hoping that a new center-left government will revive Britain’s ailing economy and fix collapsing public services. The win is a triumph for Keir Starmer, a former chief prosecutor who only entered parliament in 2015 and will become prime minister later Friday. “It feels good, I have to be honest.”But Labour’s jubilation may soon give way to trepidation given the economic challenges ahead. Making these problems even harder to solve: stubbornly low economic growth. To some extent, the government is likely hoping economic growth will be stronger than forecast and help with both goals.

Persons: Conservative Party —, Keir Starmer, ”, ” Gregory Thwaites, ” ‘, “, Paul Johnson, —, Dominic Lipinski, Johnson, Louise Hellem, Rachel Reeves, Stefan Rousseau, ” Brexit Organizations: London CNN — British, Labour Party, Conservative Party, National Health Service, Universal Credit, CNN, Labour, for Fiscal Studies, Bloomberg, Getty, Wealth Fund, Great, Great British Energy, “, Confederation of Business Industry, Conservative, Shadow, AP, European Union, Trade Locations: England, Scotland, Wales, Selby, UK, Great British, Britain, Southampton, United States

☆ UK millionaires are fleeing Britain in their thousands
▼ + stars: | 2024-06-18 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

The continuing exodus from the UK — 16,500 millionaires left between 2017 and 2023 — is part of a global mass migration of the rich that appears to be accelerating. The Henley Private Wealth Migration report found that 128,000 millionaires are set to relocate this year, beating last year’s record by 8,000. By contrast, the ranks of the wealthy have grown in the US, Canada, Australia, Germany and France over the same period. “The outflow of high-net-worth individuals already generated by the economic and political context is now being accelerated by policy decisions ahead of the election,” said White. Still, one very rich couple will apparently be staying, whatever the result on July 4.

Persons: Henley, ” Hannah White, —, ” Dominic Volek, Liz Truss, Keir Starmer’s, Rishi Sunak’s, Starmer, Rachel Reeves, ”, White, Akshata Murty, Sunday Times Rich, King Charles, Sunak Organizations: London CNN, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, European Union, Bank of England, Keir Starmer’s Labour Party, Sunday Times Locations: United Kingdom, City of London, China, Japan, Hong Kong, Canada, Australia, Germany, France, Ukraine, England

☆ UK tech bosses urge focus on AI skills and growth in high-stakes election — no matter who wins
▼ + stars: | 2024-06-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Pa Images | Getty ImagesLONDON — British technology executives and entrepreneurs want the next government to focus on promoting skills around the development and use of artificial intelligence and growth-oriented fiscal measures. Upskilling in an AI ageOne thing U.K. tech executives are pushing for is fostering innovation in artificial intelligence and cultivating citizens' grasp on AI-centric skills — across multiple generations. Last month, dozens of business executives, entrepreneurs, and investors signed an open letter stating their support for Labour in the upcoming election. Leon Neal | Getty Images News | Getty ImagesSignatories included several influential names in the world of U.K. tech: Wikipedia founder Jimmy Wales, Founders Forum co-founder Jonathan Goodwin, and Atom Bank CEO Mark Mullen. Tech bosses CNBC spoke with found themselves unable to point to specific policies and plans from either of the main political parties.

Persons: Rishi Sunak, Sir Keir Starmer, Keir Starmer, Zahra, Salesforce, Einstein, Astro, Matthew Houlihan, Rachel Reeves, Angela Rayner, Leon Neal, Jimmy Wales, Jonathan Goodwin, Mark Mullen, Sunak, Liz Truss, Jeremy Hunt, Danny Lawson, Rishi Khosla, Khosla Organizations: Conservatives, Labour Party, LONDON, it's, Labour, CNBC, Innovation, Cisco, coy, Centre, Getty, Founders Forum, Atom Bank, BAE Systems, Tech Locations: Downing, Salesforce's, Europe, Purfleet, United Kingdom, Ukraine, British, Barrow, Furness, England

☆ More than 100 business leaders including Wikipedia's Jimmy Wales sign open letter backing Britain's center-left opposition
▼ + stars: | 2024-05-28 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Labour's Shadow Chancellor of the Exchequer Rachel Reeves gives a speech on the British economy ahead of the Bank of England monetary policy release on May 07, 2024 in London, England. LONDON — More than 100 business leaders on Tuesday voiced their support for the U.K.'s center-left opposition Labour Party, nearly five weeks before the country heads to the polls. The group, which includes Wikipedia founder Jimmy Wales and former vice-chairman of JP Morgan Cazenove Charles Harman, said in an open letter to The Times newspaper: "We, as leaders and investors in British business, believe it is time for a change." The writers of the letter claim that the U.K. economy has suffered from a decade of stagnation amid a lack of both political stability and a long-term, consistent economic strategy. The Labour Party has "shown it has changed and wants to work with business to achieve the UK's full economic potential," they said.

Persons: Rachel Reeves, Jimmy Wales, JP Morgan, Charles Harman, Karen Blackett, Andrew Higginson Organizations: Bank of, Labour Party, The Times, WPP, JD Sports, British Retail, Tesco Bank, Heathrow Airport Locations: Bank of England, London, England

☆ History shows how a UK election can impact the country's stock market
▼ + stars: | 2024-05-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Labour leader Tony Blair arriving in Downing Street after his election victory with crowds waving flags in the background, 2nd May 1997. The more domestically-oriented FTSE 250 has tended to outperform the FTSE 100 following elections, with stronger outperformance following Labour victories, it said. Leon Neal | Getty Images News | Getty ImagesAccording to Capital Economics, the U.K. stock market has faltered on five occasions under past Labour governments. Higgins also observed that the relative performance of U.K. stocks has "generally been underwhelming since 2010," when the Conservatives took office. Three could be attributed to the "unsustainability of fixed exchange rate regimes" between the 1930s and 1970s, one to the Great Financial Crisis, and the fifth to the 1976 Debt Crisis, he said.

Persons: Tony Blair, Jeff, Rishi Sunak, Rachel Reeves, Sir Keir Starmer, Angela Rayner, Leon Neal, John Higgins, Higgins, Labour's, Keir Starmer, Reeves, Venkatakrishnan, Liz Truss, Sunak Organizations: BBC News, Current Affairs, Labour Party, Labour, Conservative Party, Citi, Conservative, Centre, Getty, Capital Economics, Conservatives, Shadow, Economic, Barclays, C.S, CNBC Locations: Downing, Purfleet, United Kingdom, Davos

☆ Shock summer election in Britain predicted to deliver 'historic' result
▼ + stars: | 2024-05-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

British Prime Minister Rishi Sunak makes a statement in the rain outside 10 Downing Street, announcing the UK general election will take place on 4 July in London, United Kingdom on May 22, 2024. News of the vote came as a surprise to the public, the media and much of Sunak's own party. 'As good as it gets'Bronwen Maddox, director of Chatham House think tank, said the election date had shocked many Conservatives who thought it would be held nearer to the U.S. election in November. Market bets on an interest rate cut in the summer fell as a result, and it now looks unlikely the central bank will cut on June 20, its last meeting before the election. So if that translates to a general election as well, then that Labour landslide is looking much less certain."

Persons: Rishi Sunak, Sunak, Price, Bronwen Maddox, I'm, Maddox, Rachel Reeves, Sir Keir Starmer, Angela Rayner, Leon Neal, James, Hannah Bunting, CNBC's, Tony Blair, John Major, Bunting, we've Organizations: British, Anadolu, Getty, Conservative Party, Conservatives, Labour Party, Downing, Bank of England, Chatham House, CNBC, Bank of England's, Labour, Centre, University of Exeter Locations: London, United Kingdom, U.K, Europe, Gaza, Rwanda, Purfleet

The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation. A recession is officially defined as two straight quarters of economic decline. Being in recession is hardly the ideal backdrop for Prime Minister Rishi Sunak as he mulls when to call the election. Higher interest rates help cool the economy by making it more expensive to borrow, thereby bearing down on spending. Though interest rates appear to have peaked, the central bank has expressed caution about cutting interest rates too soon as lower borrowing rates may bolster spending and put renewed upward pressure on prices.

Persons: Rishi Sunak, Jeremy Hunt, ”, Hunt, Rachel Reeves, James Smith Organizations: Conservative Party, National Statistics, Labour Party . Treasury, Treasury, Labour, Conservatives, Bank of England Locations: Britain

☆ UK Opposition Labour Party Pledge Productivity Fix in Latest Pitch to Business
▼ + stars: | 2024-01-31 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) - Britain's opposition Labour Party will pledge to fix Britain's stagnating productivity at a conference for businesses on Thursday, its latest charm offensive to companies and investors ahead of a national election expected this year. Keir Starmer, leader of the left-leaning party, will tell assembled executives that Labour will "get under the bonnet to fix an unprecedented stagnation in British productivity growth." "The depth of the changes we've made to transform the Labour Party's relationship with business is something I take immense pride in," he will say, according to extracts released by the party. Ahead of the conference, the party's finance policy chief Rachel Reeves said that Labour would champion Britain's financial sector and not bring in a new cap on bankers' bonuses. Labour also wants closer economic ties with the European Union, including deeper co-operation with the bloc on financial services.

Persons: Keir Starmer, Rishi Sunak's, Rachel Reeves, Alistair Smout Organizations: Labour Party, Labour, Economic, Conservative, Business, Growth, European Union Locations: Davos

☆ Barclays CEO says difference in Labour and Conservative economic policy is 'fairly minimal'
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesPolitical risk in the U.K. is "far less than it's ever been" as the difference between the ruling Conservative Party and main opposition Labour on economic policy is "fairly minimal," Barclays CEO C.S. The U.K. is set to hold a General Election later this year, and the latest polling consistently suggests a landslide Labour victory, bringing an end to fourteen years of Conservative rule. "I think the political risk in the U.K. is far less than it's ever been," Venkatakrishnan told CNBC at WEF. The difference in economic policies between the two, and they're both striving to say so, are fairly minimal," he said, referencing two former British leaders.

Persons: Keir Starmer applauds, Paul Ellis, Venkatakrishnan, Keir Starmer, Rishi Sunak's, Rachel Reeves, Margaret Thatcher, James Callaghan, Labour's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Conservative Party, Labour, Barclays, C.S, Conservative, Labour's Shadow, Economic, CNBC Wednesday, CNBC, WEF, British Locations: Liverpool, England, Davos, Switzerland

☆ UK Labour party vows to focus on growth, not taxes in Davos pitch to investors
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Labour party vows to focus on growth, not taxes in Davos pitch to investorsLabour Shadow Chancellor Rachel Reeves says the U.K.'s main opposition party will focus on boosting economic growth to increase living standards if it wins the next general election.

Persons: Rachel Reeves Organizations: Labour Locations: Davos

☆ British tax cut spells trouble in store for next government
▼ + stars: | 2023-11-22 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

UK Parliament/Jessica Taylor/Handout via REUTERS Acquire Licensing RightsLONDON, Nov 22 (Reuters) - British finance minister Jeremy Hunt's big tax cut surprise could help the ruling Conservatives recover some favour among voters, but it threatens to store up budget problems for whichever party wins power after the expected 2024 election. Combined with his decision to make permanent the incentives for business investment announced earlier this year, Hunt's package of tax cuts would be worth about 20 billion pounds ($25 billion)a year by the 2028/29 tax year. "The giveaways announced today are funded by handing whoever wins the next election implausibly large spending cuts," Torsten Bell, chief executive of the Resolution Foundation, said. Hunt is likely to remain under pressure from within his party to go further with more tax cuts in a final pre-election budget statement expected in March. "There's a material risk that those plans prove undeliverable and today's tax cuts will not prove to be sustainable," Johnson said.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Jeremy Hunt's, Hunt, Liz, Rishi Sunak, Labour Party's, Rachel Reeves, Torsten Bell, Investec, David Jones, Paul Johnson, Johnson, William Schomberg, Elizabeth Piper, Alexander Smith Organizations: REUTERS Acquire, Wednesday, Labour, Conservative, Bank of England, Institute for Fiscal Studies, Thomson Locations: London, Britain, British

☆ UK's Hunt says won't implement tax cuts that fuel inflation
▼ + stars: | 2023-11-19 | by ( ) www.cnbc.com time to read: +1 min

Jeremy Hunt, Britain's Chancellor of the Exchequer, speaks on the second day of the the Conservative Party Conference on October 02, 2023 in Manchester, England. British finance minister Jeremy Hunt said on Sunday that he would not implement tax cuts that would push up inflation, days before he announces a major budget update that is widely expected to contain tax cuts. The Sunday Times reported that Hunt was considering cutting income tax or national insurance in his Autumn Statement budget update on Wednesday. "The one thing we won't do is any kind of tax cut that fuels inflation," Hunt told Sky News. Rachel Reeves, the opposition Labour Party's finance spokeswoman, said cutting inheritance tax would be the wrong priority in a cost-of-living crisis.

Persons: Jeremy Hunt, Britain's, Hunt, Rachel Reeves Organizations: Conservative Party Conference, Sunday Times, Conservative Party, Sky News, Labour Locations: Manchester, England, British

"We do want to bring down the tax burden but we will only do so responsibly," Hunt told Sky News. "The one thing we won't do is any kind of tax cut that fuels inflation." OPTIONS LIMITED AFTER HEAVY SPENDINGLabour's finance spokesperson Rachel Reeves said cutting inheritance tax would be the wrong priority in a cost-of-living crisis. "Lower taxes on working people - if the government can explain where the money is coming from - is something I would support," Reeves told Sky News. "We want to show people there is a path to lower taxes but we also want to be honest with people this is not going to happen overnight."

Persons: Hunt, Jeremy Hunt, Rishi Sunak, Rachel Reeves, Reeves, Kylie MacLellan, Andy Bruce, Emelia Sithole Organizations: Sunday Times, Labour, Sky News, Times Radio, Institute for Fiscal Studies, Organisation for Economic Co, Development, Britain, Thomson Locations: British

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