Rishi Sunak does not anticipate cutting personal taxes until autumn next year at the earliest despite the cost of living crisis piling further pressure on household bills. 🔴 singharj
, fearing it will fuel inflation, which hit a 40-year high of 9.4 per cent this week.
But they acknowledged he could bring forward the income tax cut to autumn 2023 if the Treasury’s analysis proves correct and soaring prices begin stabilising around next summer.It came as Mr Sunak insisted he was a “common sense Thatcherite” despite raising taxes to their highest level in 70 years to help fill the black hole in the public finances caused by the Covid-19 pandemic.
“That’s going to be so damaging for everyone listening because it’s going to erode all the savings that they’ve worked really hard to build up, it’s gonna push up their mortgage rates.” But “the best way to achieve economic growth is cutting taxes and bureaucracy, and boosting private sector investment and innovation”.: “It’s not a gamble, it’s an economic reality that the higher taxes you have, the more growth is choked off.”
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