Wednesday's front page: Treasury rules out tax cuts after being surprised by UK's record borrowing TomorrowsPapersToday Latest by HugoGye:
The Government borrowed £27.4bn in December, more than twice as much as a year earlier and £10bn more than was forecast.
A source said: “It was way higher than what we expected – but that is the nature of an uncapped, unlimited exposure to international gas markets.”has been told, despite calls from some Conservatives to try and stimulate the economy with fiscal expansion. The only significant cut being considered is scrapping the scheduled rise in fuel duty.
However, more optimistic forecasts for the future path of wholesale energy prices make it more likely that the Government could announce tax cuts early in 2024, before the expected date of a general election. The Chancellor said: “Right now we are helping millions of families with the cost of living but we must also ensure that our level of debt is fair for future generations. We have already taken some tough decisions to get debt falling, and it is vital that we stick to this plan so we can halve inflation this year and get growth going again.”
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