The cost of living crisis is hitting household budgets and will only get worse. However, Boris Johnson is not planning any tax cuts until inflation is brought under control, meaning action is unlikely before next year.
Downing Street and the Treasury fear prices could rise further if taxes are cut to cover the cost of living.
The Bank of England expects inflation to fall next year, so pressure to bring forward a planned income tax cut and reverse social security contribution hikes will be resisted for now.
Political Editor Ben Riley Smith reports how Rishi Sunak has refused to promise tax cuts in his fall budget but has promised to help businesses.
Tim Wallace explains how the Bank of England got it wrong again as the UK slipped into recession.
And with rates expected to hit a 13-year high on Thursday, these are three things you can do to beat inflation.
Brussels plans to sue Britain for abolishing the protocol
The European Union is set to launch three lawsuits against Britain tomorrow after the government published plans to override the Northern Ireland Protocol.
Maros Sefcovic, a vice-president of the European Commission, told colleagues his officials were working on possible retaliatory measures, including drawing up a list of British goods that could hit Brussels with trade tariffs.
Sources claimed the EU could also move to end the City of London’s financial equivalence with European markets or end the UK’s entry into the Horizon scientific research programme.
The legislation introduced by the government will eliminate most goods controls between Great Britain and Northern Ireland.
Ministers cited the toll of new bureaucracy in the EU that the province must apply without a say in order to justify its move to overwrite parts of the Brexit deal. Nick Gutteridge explains the four big changes Britain is making.
https://www.telegraph.co.uk/news/2022/06/14/tuesday-morning-uk-news-briefing-todays-top-headlines-telegraph2/ No tax cuts ‘before next year’