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Rishi Sunak has suggested more tax cuts are on the way because the economy has “turned a corner”.

The prime minister told reporters that while he would not comment on specifics, trimming taxes was “the direction of travel from this government”.

But it came as he refused to say if the pensions triple lock would be in the next Conservative Party manifesto – despite Downing Street insisting in September that it was “committed” to the policy.

Mr Sunak’s comments echo similar remarks by his ministers in recent weeks.

Chancellor Jeremy Hunt also said last month that the economy had “turned a corner” just before he unveiled a cut to National Insurance in the Autumn Statement.

However, four million people could also end up paying higher taxes if their wages rise after the government decided to continue the freeze on tax thresholds.

Reports suggest the Conservatives are considering additional cuts in 2024 as the party tries to woo voters and reduce Labour’s 20-point lead in opinion polls ahead of the next general election, which must take place by January 28 2025.

Cuts to stamp duty and inheritance tax are among the options reportedly being looked at by ministers.

When asked about the two policies, Mr Sunak said: “I would never comment on specific taxes. But what I will just say, though, is we have turned a corner.

“We have got inflation down, as I said we would, we have grown the economy and we are now focused on controlling spending and controlling welfare so we can cut taxes. So when we can do more, we will.”

He added: “We want to grow the economy, we want to reward people’s hard work and aspirations and cut their taxes responsibly. That is the direction of travel from this government.

“If you want controlled public spending, controlled welfare and your taxes cut, then vote Conservative.”

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Mr Sunak was unable to make similar promises about the triple lock, which ensures the state pension must rise every April by whichever is highest out of average earnings, inflation or 2.5%.

The policy has come under fire in recent months by critics who claim it has become too expensive and gives the government less financial “headroom” to deal with economic shocks.

Some senior Tories have called for it to be scrapped and Labour has refused to guarantee the triple lock will remain in place if it wins the next election.

While the government continued with the policy in its recent Autumn Statement, ensuring the state pension will rise by 8.5% in April 2024 to £221.20 a week, Mr Sunak refused to be drawn when asked directly if it would be in the next Tory manifesto.

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Analysis: Autumn Statement 2023

Speaking to journalists as he flew between the UK and Dubai for the COP28 summit, he replied: “[I’m] definitely not going to start writing the manifesto on the plane, as fun as that would be.”

Mr Sunak acknowledged there had been “some scepticism” about if policy was going to form part of the Autumn Statement, but said its inclusion had been “a signal of our commitment to look after our pensioners who have put a lot into our country”.

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Russia mulls relaxing crypto rules to blunt impact of Western sanctions

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Russia mulls relaxing crypto rules to blunt impact of Western sanctions

An official from the Bank of Russia suggested easing restrictions on cryptocurrencies in response to the sweeping sanctions imposed on the country.

According to a Monday report by local news outlet Kommersant, Bank of Russia First Deputy Governor Vladimir Chistyukhin said the regulator is discussing easing regulations for cryptocurrencies. He explicitly linked the rationale for this effort to the sanctions imposed on Russia by Western countries following its invasion of Ukraine in February 2022.

Chistyukhin said that easing the crypto rules is particularly relevant when Russia and Russians are subject to restrictions “on the use of normal currencies for making payments abroad.”

Russia banned the use of cryptocurrencies for payments in the summer of 2020.

Chistyukhin said he expects Russia’s central bank to reach an agreement with the Ministry of Finance on this issue by the end of this month. The central issue being discussed is the removal of the requirement to meet the “super-qualified investor” criteria for buying and selling crypto with actual delivery. The requirement was introduced in late April when Russia’s finance ministry and central bank were launching a crypto exchange.

The Bank of Russia, Moscow. Source: Wikimedia

Related: UK sanctions Kyrgyz banks, $9.3B crypto network tied to Russia

What is a super-qualified investor?

The super-qualified investor classification, created earlier this year, is defined by wealth and income thresholds of over 100 million rubles ($1.3 million) or an annual income of at least 50 million rubles.

This limits access to cryptocurrencies for transactions or investment to only the wealthiest few in Russian society. “We are discussing the feasibility of using ‘superquals’ in the new regulation of crypto assets,” Chistyukhin said, in an apparent shifting approach to the restrictive regulation.

Related: How a Russian national allegedly laundered $530M in crypto via Tether

Russia’s fight against sanctions

Russia has been hit with sweeping Western sanctions for years, and regulators in the United States and Europe have increasingly targeted crypto-based efforts to evade those measures.

In late October, the European Union adopted its 19th sanctions package against Russia, including restrictions on cryptocurrency platforms. This also included sanctions against the A7A5 ruble-backed stablecoin, which EU authorities described as “a prominent tool for financing activities supporting the war of aggression.”

Earlier in October, reports indicated that A7A5 — backed by the Russian ruble but issued in Kyrgyzstan — had become the world’s largest non-US-dollar stablecoin. In August, the US Treasury’s Office of Foreign Assets Control also redesignated cryptocurrency exchange Garantex Europe to its list of sanctioned entities for a second time.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice