Jeremy Hunt resists calls from ‘depressed’ Tory MPs to commit to tax cuts

The chancellor has repeatedly warned his first priority is to get sky-high inflation under control

Jeremy Hunt has resisted calls from 'depressed' Conservative MPs to commit to cutting taxes amid warnings that the UK economy will be the worst-performing of all the advanced G7 countries

The International Monetary Fund’s latest forecast puts the UK languishing behind the US, Germany and even Russia, which has been hit with sanctions and is spending billions of pounds on its illegal war in Ukraine.

Inflation, fuelled in part by sky-high energy bills during the war, is having a major impact on economies across the world and higher prices mean people have less money to spend, which dampens demand in the economy and stifles growth.