Hunt may net US$12.5bil for tax cut if BoE shifts on asset sales

Proactive move: Hunt suggests that both income and property tax cuts will be on the cards to give the ruling Conservative Party a boost. — AFP

LONDON: UK Chancellor Jeremy Hunt would have an extra £10bil (US$12.5bil) a year for tax cuts if the Bank of England (BoE) stopped selling the bonds it bought over more than a decade under quantitative easing (QE), according to BoE disclosures.

The UK central bank is winding down a portfolio of assets that reached £895bil during its efforts to protect the economy from the pandemic and global financial crisis between 2009 and 2022.