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U.K. Tax Cuts Designed to Impose Spending Discipline, Sunak Says

  • British state is already big enough, Chancellor insists
  • Sunak suggests more help for energy costs may come later
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U.K.'s Sunak Cuts Growth Forecast on Inflation Surge

Rishi Sunak said his pledge to cut income tax in 2024 is designed to impose spending discipline on the U.K. government after the coronavirus pandemic forced it to expand rapidly, pushing debt to a record. 

Addressing lawmakers on the Treasury committee on Monday, the Chancellor of the Exchequer said the unusual decision to announce a 1 percentage-point tax cut two years in advance was an attempt to focus attention on the choices the government must make.