Backbenchers insist the Government must reduce the tax burden to boost the UK's economic fortunes
Figures released this week showed the Government borrowed £27.4bn in December, more than twice as much as a year earlier and £10bn more than was forecast.would be off the table due to the deficit figures being “way higher than expected” as a result of the Government’s energy bill support package and higher debt interest.
However, veteran Conservative John Redwood, a prominent backer of Liz Truss’s leadership campaign last year, insisted that the Treasury’s finances meant an even greater need for cutting taxes. “The way to get the deficit down is to grow the economy,” he said. “Saying the deficit is too high to allow tax cuts stops one of the best ways to grow to cut the borrowing.
“The bad UK borrowing figures for December were down to high inflation on indexed debt and the temporary energy subsidies. These two items should fall a lot this year.” Mr Sunak risked angering his backbenchers last week when he suggested during a Q&A session in Morecambe that those in his own party who are calling for tax cuts were “idiots” .
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