The UK government is considering significant tax cuts in an attempt to regain the support of traditional Conservative voters after recent by-election losses. Options being discussed include raising the threshold for the 40% higher income tax rate and reducing stamp duty or inheritance tax.
These proposals come after the Labour Party won key by-elections, and the government is exploring ways to appeal to voters who have shifted away from the Conservative Party.
While Chancellor Rishi Sunak acknowledged the disappointing election results, he reaffirmed his commitment to his priorities, including addressing inflation and migration. The government has not confirmed these plans officially.