As the Conservatives prepare for a closely fought leadership content, they are grappling with an image problem – despite previously being billed as the party of low tax, they are now taxing us at the highest rate since the late 1940s.
In fact, the Institute for Fiscal Studies, a tax and spending think tank, commented recently that Mr Sunak had, in little over a year, imposed tax rises of a similar scale to those seen over the 10 years that Gordon Brown was chancellor.Ex-Health Secretary Sajid Javid also says he'll cut corporation tax
It's why his most recent economic statements have been laced with tax cuts; a move to the national insurance threshold for example, taking significant numbers of lower income families out of the tax altogether, a 5p cut in fuel duty and a promise to cut income tax by the end of the parliament. The unavoidable reality, and the backdrop to the coming debate, is that he spent £400bn more than he had planned in 2020.With the cost-of-living crisis as bad as it is and the NHS still reeling, there is frankly limited wiggle room to plug that gap with spending cuts - taxes are the only real option.In fact, new analysis from the OBR has looked into how recent changes are likely to affect the long-term deficit in the UK.
The question, of course, is who tax cuts will predominantly benefit and are they the right measure to help people during the current cost of living crisis.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tax plans could decide who leads the Conservatives after Boris JohnsonA number of those hoping to lead the Conservatives are eyeing tax cuts to increase their appeal to the party faithful.
Read more »
Nadhim Zahawi and Grant Shapps latest Tories to launch leadership bidNadhim Zahawi and Grant Shapps have become the latest Tories to launch bids for leader of the Conservative Party.
Read more »
Nadhim Zahawi and Grant Shapps enter race to become next Prime MinisterNadhim Zahawi and Grant Shapps have become the latest Tories to launch bids for leader of the Conservative Party.
Read more »
Watford MP confirms who he is backing to become next Conservative leaderWatford's Conservative MP has announced who he will be backing to become his party's next leader.
Read more »
Transport secretary Grant Shapps launches Conservative Party leadership bidGrant Shapps has launched a Conservative Party leadership bid saying he will end 'tactical government by an often distracted centre'.
Read more »
Ex-Chancellor Rishi Sunak launches bid to be Conservative leaderThe former chancellor vows to 'rebuild the economy' as he enters the race to succeed Boris Johnson.
Read more »