© . FILE PHOTO: UK Chancellor of the Exchequer Rishi Sunak to hold a press conference in the Downing Street Briefing Room in London, UK on Feb. 3, 2022. Justin Tallis/Pool via REUTERS LONDON () – UK Chancellor of the Exchequer Rishi Sunak said on Friday his Priority now had to cut taxes, having already taken steps to address the massive public finance gap caused by his pandemic surge in government spending. “We have made the tough decisions we have to make,” Sunak told a conference hosted by his conservative party. “My priority for the future is to lower taxes. I made that very clear in the budget.” Sunak said changes to the social benefits system he announced last year kicked off the tax cut process. “My plan over the course of this parliament is to keep cutting taxes to lower the tax burden,” he said. The government’s tax return is on track to hit its highest level since the 1950s — upsetting many conservative lawmakers — after Sunak announced an increase in social security contributions from April and a major corporate tax hike in 2023. He is due for a semi-annual budget update on March 23 and is under pressure to spend billions of pounds more to ease growing pressures on the cost of living. “No government can solve every problem, especially if you’re grappling with global inflationary forces,” he said at the conference Friday when asked about his spring statement. “But as you saw about a month ago – when we announced a very important intervention to help people pay some of the extra cost of the utility bill – where we can make a difference, of course I can, I always will. to do .” Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.