Spring Statement: Rishi Sunak vows to cut income tax before 2024 election

[foxy]

British politicians, and the Tories in particular, clearly still believe a cut in income tax is catnip to the Great British Public. There is no economic reason for reducing income tax at all, and if a Chancellor wants to reduce taxes, there are much better candidates. The only reason Chancellors promise to cut income tax is because they believe it will win them votes in the next election.

The usual reason for giving tax cuts is because the government knows that tax cuts boosts the spending power of the electorate improving the economy. Unfortunately it is the ones on a lower income who spend the money gained through the tax cuts not the wealthier of the population.