Britain's governing Conservative Party hopes tax cuts can lift ailing election fortunes

Treasury chief Jeremy Hunt will seek to regain political initiative by announcing tax cuts during his annual budget statement. It comes on the run-up to a U.K. general election that opinion polls show the governing Conservative Party losing. Hunt hasn’t got much room for big tax cuts with the British economy hitting one definition of recession and public finances stretched. Hunt is widely expected to announce a cut in national insurance — a tax that 27 million employees pay. Prime Minister Rishi Sunak will hope the budget can turn the political dial ahead of an election he has to call by January 2025. There's some speculation he may schedule it in the spring.