Tax cuts for Brits WON’T happen until inflation comes down, says Boris Johnson
PERSONAL tax cuts will have to wait until after inflation comes down, Boris Johnson said yesterday. The PM refused to slash bills despite figures showing the economy shrank in April for the second month on the trot. With Britain teetering on the brink of recession, frustrated Tory MPs broke ranks to urge No 10 to chop […]
PERSONAL tax cuts will have to wait until after inflation comes down, Boris Johnson said yesterday.
The PM refused to slash bills despite figures showing the economy shrank in April for the second month on the trot.
With Britain teetering on the brink of recession, frustrated Tory MPs broke ranks to urge No 10 to chop the tax burden to boost growth.
But Mr Johnson said: “I understand we need to bear down on taxation, and we certainly will.
“But we’ve got an inflationary spike that we’ve got to get through right now, looking after people as we go through that.
“That is what we are going to do.”
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Rocketing inflation is expected to hit ten per cent by Christmas and only start coming down gradually next year.
Bojo’s comment suggests big tax cuts for workers will not be doled out before then.
The Office for National Statistics revealed the economy shrank 0.3 per cent in April and 0.1 per cent in March.
Every single part of the economy — services, production and construction — fell.
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Desperate Tory MPs are pleading with Mr Johnson to stop listening to bean counters in No 11 and cut levies to turbocharge growth.
John Redwood fumed that the UK is the “only advanced country government making a big increase in the tax burden this year and next”.
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And former minister Steve Brine said a “perfect storm of inflation and surging energy costs” is battering businesses.
- LEVELLING up Cabinet chief Michael Gove says Britain should slash taxes to unleash growth — and poor areas in the Red Wall would boom quicker if they got radical tax and spend powers.