Although some Conservative backbenchers are eager for measures that would be quickly felt by households, the chancellor yesterday sought to emphasise the need to promote growth and indicated that tax cuts were "not going to happen overnight".
The controversial prospect of announcing an inheritance tax cut on Wednesday, which could spark a rebellion among Tory backbenchers defending marginal seats in less well-off areas, is still on the table.
However, it remains to be seen whether an emerging scenario in which he announces business tax cuts while signalling an intention to cut income tax in the spring budget will be enough to placate rebels.
"The one thing we won't do is any kind of tax cut that fuels inflation," Hunt said in an interview on Sky News. "We've done all this hard work [cutting inflation]. We're not going to throw that away." The Treasury has also announced that a new investment zone - England's third - would be created in West Yorkshire, focused on Huddersfield, Bradford and Leeds. It said it could create more than 2,500 new jobs over the next five years.
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