Prime Minister Rishi Sunak has announced that the government is poised to cut taxes following a moderation in the pace of price increases.

Sunak stated that achieving his goal of halving inflation allowed for responsible reductions in taxes.

He declined to delve into specifics regarding potential alterations to individual taxes, promising more comprehensive details during Wednesday's Autumn Statement. However, he affirmed that the government is ready to progress to "the next phase" of its economic growth strategy.

Last week, the government declared it had successfully met its target of halving inflation, which dropped notably to 4.6% in October. This decline was primarily attributed to decreased global energy prices, limiting the extent to which ministers can claim credit for the improvement.

Nonetheless, Sunak highlighted the government's commitment to tough decisions, such as sidestepping inflationary wage hikes amidst strikes, as integral to fulfilling its promise.

"That's why we can now proceed to the next phase of our economic plan and shift our focus towards tax cuts," Sunak remarked. "We'll approach this task seriously and responsibly, and the time for action is now." Photo by HM Treasury, Wikimedia commons.