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British Finance Minister Jeremy Hunt rules out short-term tax cuts

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U.K. Finance Minister Jeremy Hunt on Monday ruled out tax cuts in the short-term, arguing that to reduce them now would be inflationary.

"Right now we're focused on bringing down inflation," Hunt said on the second day of the Conservative Party Conference in Manchester, England.

His words come despite clamor from within the ruling Conservative Party to reduce taxes before a General Election next year, when the Tories are set to face a tough battle against the opposition Labour Party. "That's a pay rise for 2 million workers," he said. "Because if you work hard, a Conservative government will always have your back."

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