Tax cut hope before election after 'shaft of sunlight' economy figures

James Smith, research director at the Resolution Foundation think-tank, said the figures showed the UK’s “relative resilience” as the country continued to dodge a recession.

This week analysis from accountancy firm AJ Bell suggested one million more people will pay tax on their savings this year due to increases inThe firm suggested the Chancellor could increase the personal savings allowance to avoid this, offering a tax cut for savers with £20,000 or less, which would not be inflationary.

Tax expert and director at accountancy firm Blick Rothenberg, Robert Salter, said the tax cut would be a way of appeasing some Tory voters without being inflationary.

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