British finance minister Jeremy Hunt is set to announce an increase in the minimum wage during his annual Conservative party conference speech. Despite calls for tax cuts within his party, Hunt’s speech extracts released by the party did not mention taxes. Hunt has previously ruled out near-term tax cuts and has supported Prime Minister Rishi Sunak’s goal to reduce inflation. The Bank of England has expressed concern about rising average weekly earnings and its impact on inflation. Hunt will announce that the living wage for workers over 23 years old will rise to at least £11 an hour. He will also announce a review to strengthen the benefit sanctions system. Former Prime Minister Liz Truss will also pressure the government to lower taxes during the conference. Truss had to scale back her tax-cutting plans last year, which led to market turmoil and her subsequent resignation. However, she continues to advocate for lower taxes as a means to stimulate growth.
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