UK Chancellor to reject calls for extended tax cut

A birds eye view of the Houses of Parliament

Jeremy Hunt, the Chancellor of the Exchequer, is reportedly planning to dismiss the requests of industry heads.

This comes despite calls to use the upcoming autumn statement, which will take into effect the £10 billion tax cut designed to bolster flagging UK corporate investments.

At this year’s spring budget back in March, Hunt introduced investment relief valued at billions of pounds. He stated that as soon as he could responsibly make it so, he intended to make it a fixed feature to help drive economic growth and investment in the UK.

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UK industry leaders are aiming to make their case through a round of meetings with the chancellor in Downing Street, and are lobbying for the tax cut policy to be extended in the Treasury’s upcoming autumn statement, to assist in countering the UK’s declining outlook for growth.

However, sources suggest that the chancellor plans to rebuff the request of industry heads, stating that current constraints on the country’s public finances effectively means he can’t change course. This comes in the wake of a spike in borrowing costs suffered by the government in the past months.

The autumn statement will be announced on November 22.

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