
The general election has ruined prospects of an early rate cut
Would waiting another few months to call a general election have improved the Conservatives’ prospects? Rishi Sunak didn’t touch upon this in his speech today, announcing a general election for 4 July, but it seems likely that their broad assessment was no. One of the big reasons for waiting until the autumn was the possibility of another fiscal statement. Jeremy Hunt’s March Budget left plenty to be desired by many Tory MPs, who wanted income tax cuts and changes to inheritance tax. The hope was that the public finances would improve in the spring and summer, offering up another chance to craft a tax-cutting narrative – and to give more
