Former BoE economist: Hunt has no room for tax cuts Former Bank of England economist Sir Charlie Bean says that while Chancellor Jeremy Hunt may have some “wiggle room” on spending in his March Budget, there will not be enough to offer significant tax cuts. Sir Charlie said the Chancellor has some “room for manoeuvre” in the “short term,” adding that “the important thing is that you’ve got a credible plan over the medium term, which has the public finances on a sustainable trajectory.” Considering the options available to Mr Hunt ahead of the Budget, Sir Charlie, the former deputy governor for monetary policy at the Bank, said: “I think it’d be quite difficult for him to do something like cutting the basic rate of income tax.” Most motorsport businesses are facing large rises in tax bills, following the tightening of R and D rules and the swinging increase in corproation tax from 1 april 2023.