Promises of tax cuts during general election campaigns may have to be rolled back as the UK economy faces some of its worst problems since the 1950s, a new report suggests.
The warning comes after Chancellor Jeremy Hunt insisted he did not make “crowd-pleasing” tax cuts as giveaways ahead of the next general election in his Autumn Statement in November.
The UK is in the midst of a cost-of-living crisis after inflation - the pace at which prices rise - hit double-digit figures.
Economic growth has also been slower, with new challenges on the horizon resulting from attacks by Houthi rebels on ships in one of the world’s busiest trading routes in the Red Sea.
A spokesperson for the IFS cited the example of the University of York which was reported to have lowered its entry grade requirements for foreign students in the face of “financial challenges”.
The Treasury said its action to “halve inflation and ensure debt falls as a share of the economy means we are now beginning to turn a corner, which is why we can afford tax cuts for 27 million working people this month”.
The original article contains 792 words, the summary contains 189 words. Saved 76%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Promises of tax cuts during general election campaigns may have to be rolled back as the UK economy faces some of its worst problems since the 1950s, a new report suggests.
The warning comes after Chancellor Jeremy Hunt insisted he did not make “crowd-pleasing” tax cuts as giveaways ahead of the next general election in his Autumn Statement in November.
The UK is in the midst of a cost-of-living crisis after inflation - the pace at which prices rise - hit double-digit figures.
Economic growth has also been slower, with new challenges on the horizon resulting from attacks by Houthi rebels on ships in one of the world’s busiest trading routes in the Red Sea.
A spokesperson for the IFS cited the example of the University of York which was reported to have lowered its entry grade requirements for foreign students in the face of “financial challenges”.
The Treasury said its action to “halve inflation and ensure debt falls as a share of the economy means we are now beginning to turn a corner, which is why we can afford tax cuts for 27 million working people this month”.
The original article contains 792 words, the summary contains 189 words. Saved 76%. I’m a bot and I’m open source!