UK Chancellor of the Exchequer Jeremy Hunt suggested falling debt interest costs may give him the headroom to deliver tax cuts at his budget in the spring, boosting the governing Conservative Party in what’s likely to be an election year.

The government plans to “cut the tax burden if we are able to,” Hunt said on Wednesday in a Bloomberg Television interview. Nevertheless, he added that he will not know what is possible until he sees new Office for Budget Responsibility forecasts next year.