British Prime Minister Rishi Sunak wants to cut taxes by as much as 2 pence in the pound before the next national election which is expected in 2024, the Telegraph newspaper reported.

Government officials believed that a slower-than-expected fall in Britain's high inflation rate would not prevent a tax cut from April, the paper said without citing its sources.

Sunak has previously said he wants to cut taxes but only once the hole in the public finances has been fixed and he has also pledged to halve inflation this year.

The Telegraph said the tax cuts under consideration could be introduced via Britain's National Insurance social security system or personal income tax.

Sunak's Conservative Party is far behind the opposition Labour Party in opinion polls. Many Conservative lawmakers want Sunak to cut taxes, even as demands grow for more spending on public services, including the health system.

The Telegraph said Sunak wanted to follow up on tax cuts in 2024 by going into the next election with a revived pledge to cut income tax rates by 1p in each year of the next parliament.