The Government may be able to cut taxes sooner than thought because economic growth is beating forecasts, Rishi Sunak has suggested Speaking on his way to Japan for the G7 summit, Sunak said: 'I'm a low-tax conservative' 🔴 HugoGye reports
TOKYO: The Government may be able to cut taxes sooner than thought because economic growth is beating forecasts, Rishi Sunak has suggested.because of the dual dangers of high inflation and growing public debt.
But the Prime Minister took a more upbeat view, pointing out that GDP and consumer confidence were proving to be stronger than previously predicted despite the economic headwinds. Speaking on his way to Japan for the G7 summit, Mr Sunak said: “I’m a low-tax conservative… I want people’s hard work to be rewarded so I do want to be able to bring people’s taxes down. With high inflation and the rate of borrowing it is responsible to deal with that first.”that one in five taxpayers will soon be paying the 40p rate of income tax
and the overall tax burden will not return to pre-pandemic levels for decades, the Prime Minister said: “The IFS will make its own estimates. What I would say is recently we’ve seen massive upgrades in our growth estimates from the Bank of England and others including the IFS previously. “You can see that in surveys from CFOs and other things – optimism is increasing, consumer confidence is increasing… On disposable income, if you look at the most recent set of numbers, they are hugely outperforming what people thought. There are lots of signs that things are moving in the right direction.”
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