UK Treasury chief signals tax cuts and a squeeze on welfare benefits are on the way

U.K. Treasury chief Jeremy Hunt says the government can afford to lower some taxes now that inflation is falling. But he says any cuts will come along with a squeeze on welfare benefits. British media have reported that there will be relief for businesses and wealthy property-owners in Hunt’s autumn budget statement on Wednesday. Hunt told Saturday’s Daily Telegraph newspaper that “there is a path to reducing the tax burden, and a Conservative government will take that path.” But he also said the government had to "take difficult decisions to reform the welfare state.” Critics say the government is helping the wealthy at the expense of those who are worse off.