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Sunak to hold off on tax hikes until the dust settles

07-10-2020

A day after saying that the Tories had a “sacred responsibility to future generations to leave the public finances strong” the Chancellor has signalled that he will hold off on tax rises and Budget cuts until the UK’s economic recovery is further along. Rishi Sunak told Sky News that he would restore the public finances to a more sustainable level “over time” as the country’s main priority now should be restoring jobs and getting the economy moving again. HIs comments come as Tory MPs back a call from the Institute of Economic Affairs for the top rate of income tax to be capped at 40% and for VAT to be slashed to 17.5% for all industries.

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