Polling doesn’t point to a huge public appetite for a tax cut – with more urgency placed on improved public services ✒️ katyballs for ipaperviews
Hunt and Sunak are now under pressure to be more ambitious in pursuing growth – even as the low-tax loons circle overhead, writes Katy BallsTreasury officials fear that Britain’s economy is not bouncing back fast enough on Friday, the Chancellor promised a tax cut – only it wasn’t the one that critics within his own party had in mind.
No Tory MP will dispute the merits of Rishi Sunak’s priority to reduce inflation, which despite falling, is close to a 40-year high. But on top of this, they want the Prime Minister and his Chancellor to go further elsewhere. While Sunak has talked of the need for growth – also listing it as one of his five priorities – Tory MPs complain that his ambitions are small fry when it comes to the pace and measures that are required.
The circumstances of the Prime Minister’s appointment amid the economic turmoil that followed Liz Truss’s not-so-mini Budget meant that he was able to do what would have appeared impossible during last summer’s leadership contest: to convince his party to back tax increases. Since then, the situation has calmed. Following better than expected economic news, this month Bank of England governor Andrew Bailey said the risk premium on UK assets since the not-so-mini Budget is “pretty much gone”.
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