Will tax cuts follow job losses?
Updated on 17 November 2008
As Britain faces yet more job losses, Gordon Brown hints at tax cuts in next week's pre-budget report.
Britain faces thousands more job losses with the announcement from the banking giant Citigroup that it will cut more than 50,000 jobs from its worldwide operations.
The announcement came as Gordon Brown reported back to MPs on the meeting of the G20 group of countries this weekend.
He dropped his strongest hint yet that he is planning to cut taxes in the pre-budget report next week and claimed that most countries now supported increased borrowing in order to expand the economy.
But the Conservative leader David Cameron accused the prime minister of planning a Christmas tax giveaway that would mean higher taxes in the future.
Gordon Brown says Britain is willing to play its part in efforts to revive the world economy.
After calls from the International Monetary Fund for governments to spend their way out of recession, the prime minister gave another heavy hint of tax cuts in next week's pre-budget report.
But the impending reductions in taxes have been condemned by the shadow chancellor, who has warned of a run on the pound because of increased government borrowing.
