Britain Awaits Key Budget With Eyes On Election

London, (UrduPoint / Pakistan Point News - 22nd Nov, 2023) Britain's Conservative government will on Wednesday unveil a vital budget update aiming to reinvigorate the economy and woo voters, as it lags badly in polls before next year's expected general election.

There are rising expectations of tax cuts when finance minister Jeremy Hunt delivers the Tories' taxation-and-spending plans before parliament at 1230 GMT, alongside the latest economic and fiscal forecasts.

Prime Minister Rishi Sunak was boosted last week by news that he has met his target to halve inflation, and won another lift on Tuesday after year-to-date borrowing undershot forecasts.

Yet the Conservatives are trailing behind the main opposition Labour party -- whose leader Keir Starmer has benefited from public anger over a cost-of-living crisis which has eroded wages, sparked strikes and left millions of Britons struggling to pay bills.

However, Sunak and Chancellor of the Exchequer Hunt have cautioned against big giveaways despite recent falls in inflation, which remains elevated, and pressure from some parliamentary colleagues.

Yet Sunak promised this week to cut tax "carefully and sustainably" over time, after meeting his inflation-cutting target in October.

"We can't do everything all at once. It will take discipline and we need to prioritise. But over time, we can and we will cut taxes," he said.

He also vowed to crack down on welfare cheats to get more people back into work, and has pledged to invest £4.5 billion ($5.6 billion) in the auto, aerospace, green energy and life sciences sectors, among others.