Rishi Sunak has reportedly pushed for 2p off the basic rate of income tax. This would be an inflationary move. Fiscal policy really ought to align with monetary policy (interest rates). This means you shouldn't be talking about an attempted tax-cutting sugar rush when prices are going through the roof and interest rates are going the same way.
Did Sunak learn nothing from Liz Truss? More importantly, can we really afford tax cuts at a time when Britain's public services are collapsing?
This isn't just a criticism of Sunak. Keir Starmer has proved more than happy to take potshots at the prime minister in the House of Commons about the high level of tax. He says he wants to keep taxes for working people "as low as we can". But wait: "The NHS is broken, the criminal justice system is broken. There's almost nothing that isn't broken." That's what he told the Daily Mirror a few weeks ago.
So how are you going to fix it, Keir? And how are you going to pay for that fix? Labour will, we are told, "hit the ground running and restore the sense of hope that has been lost". OK, but what does that actually look like in practical terms?
This story is from the June 07, 2023 edition of The Independent.
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This story is from the June 07, 2023 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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