STORY CONTINUES BELOW THESE SALTWIRE VIDEOSLONDON - British finance minister Jeremy Hunt said on Saturday inflation was on track to halve by the end of 2023, vowing to focus on the goal as he laid out his priorities ahead of the reopening of parliament after the summer break.
Hunt said in a statement issued on Saturday that pressure on household budgets would start to ease as inflation cools. He also highlighted his efforts to increase productivity in the public sector to boost growth. "We are on track to halve inflation this year and by sticking to our plan we will ease the pressure on families and businesses alike," Hunt said, ahead of lawmakers returning to parliament on Monday.
Hunt's continued focus on inflation will disappoint some lawmakers from within the ruling Conservative Party who have called for tax cuts before the election, angry that British tax revenues are the highest as a share of the economy since the 1940s.