UK’s Hunt: Must get inflation down so we could safely cut taxes

UK Finance Minister Jeremy Hunt said on Wednesday, they “must get inflation down so we could safely cut taxes.”

Additional comments

Today's inflation data shows there is no room for complacency.

Target of halving inflation this year is absolutely deliverable.

Biggest way to put money in people's pockets is by halving inflation.

Tax cuts now would be the wrong thing to do.

Market reaction

At the time of writing, GBP/USD is trading at 1.2409, modestly lower on the day, having erased all if its intraday gains.