Hunt: Budget unlikely to bring significant tax cuts Motorsport business will be disappointed that Chancellor Jeremy Hunt says tax cuts in the next Budget are "unlikely," arguing that a pledge to halve the rate of inflation "is the best tax cut right now." Setting out a plan to help boost economic growth, Mr Hunt said this would involve “showing the world, showing the markets that we are a responsible nation, that we can pay our way, that we can balance our books." He went on to say it is “unlikely that we would have the room for any significant tax cuts" in the Budget in March. Looking ahead, the Chancellor pledged to put “restraint on spending,” suggesting that the Conservatives are the party to “actually deliver that restraint to make a low tax economy possible.” Noting that high taxes “directly affect the incentives” which determine whether entrepreneurs, investors and larger companies “pursue their ambitions in Britain,” Mr Hunt said: “Our ambition should be to have nothing less than the most competitive tax regime of any major country.” Many motorsport businesses operate overseas as well as the UK and probably experience far more business friendly environments than the UK!