PM wants 2p tax cut before the election Rishi Sunak wants to cut National Insurance or income tax by up to 2p before next year’s general election, according to a senior Government source. Officials have been assessing the likely impact and duration of current levels of inflation. The analysis suggests that despite the “stickiness” of inflation, the economy is likely to recover sufficiently for Chancellor Jeremy Hunt to introduce a tax cut in April. The source said the Prime Minister is eyeing a cut to income tax or National Insurance when inflation dips as these would “incentivise work.” They told the Sunday Telegraph: “No one should be in any doubt that we will go into the election having cut taxes and promising to do more,” while another insider added that cutting taxes for working people is something that Mr Sunak “strongly believes in.” A Sunday Telegraph editorial welcomes the news that the PM wants to cut taxes, saying it is “a welcome return to form for the Conservatives after a series of disastrous, incentive-sapping tax hikes on capital and labour.” Most motorsport busnessi owners would welcome any reduction in the current 70 year high tax burden.