# UK government to focus on curbing inflation, not boosting spending – King’s Speech
Published: 2023-11-07
Category: Featured
Category URL: https://tradingherald.com/category/featured/
Meta Title: UK government focuses on curbing inflation, not boosting
Meta Description: King's Speech reveals responsible decisions on spending and borrowing to bring down inflation levels, disappointing expectations for tax cuts.
URL: https://tradingherald.com/uk-government-to-focus-on-curbing-inflation-not-boosting-spending-kings-speech/

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## UK government to focus on curbing inflation, not boosting spending – King’s Speech

LONDON (Reuters) -The British [government](https://tradingherald.com/finland-will-join-nato-on-tuesday-stoltenberg/) will take responsible decisions on spending and borrowing in order to help bring down the level of inflation, King Charles said on Tuesday, suggesting those in the governing party hoping for tax cuts soon could be disappointed.

Setting out government’s priorities for a new parliamentary session in the King’s Speech, Charles said ministers “will address inflation and the drivers of low growth over demands for greater [spending](https://tradingherald.com/card-spending-in-uk-falls-below-pre-covid-average-ons/) or borrowing.”

“My ministers will support the Bank of England to return [inflation](https://tradingherald.com/greek-eu-harmonised-inflation-rises-to-3-5-y-y-in-july/) to target by taking responsible decisions on spending and borrowing,” he said.

“These decisions will help household finances, reduce public sector debt and safeguard the financial security of the country.”

Finance minister Jeremy Hunt has so far resisted pressure from Conservative lawmakers to cut taxes this year. Hunt said last month that while he would love to lower taxes in the run-up to a national election expected in 2024, any tax cut at the moment would be inflationary.

(Reporting by Kylie MacLellan; editing by David Milliken)


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