LONDON, Nov 20 (Reuters) - British Prime Minister Rishi Sunak said on Monday his government could turn its attention to cutting tax, speaking ahead of a budget update this week when finance minister Jeremy Hunt is expected to announce measures to speed up the stagnant economy.

"Now that inflation is halved and our growth is stronger, meaning revenues are higher, we can begin the next phase and turn our attention to cutting tax," Sunak - who is expected to call an election in 2024 - said in a speech.

He said his government needed to prioritise lowering the tax burden but stressed he would not rush into the kind of unfunded tax cuts that his predecessor Liz Truss announced last year, triggering turmoil in bond markets.

Sunak said the government would cut taxes over time and would not do anything that added to inflation.

"I want to cut taxes. I believe in cutting taxes," he said. "But doing that responsibly is hard."

(Reporting by Sarah Young and Alistair Smout, Writing by William Schomberg and Kylie MacLellan; Editing by Kate Holton)