Rishi Sunak: UK will not be hit by a ‘horror show of tax rises’
The UK will not be a hit by a “horror show of tax rises” to pay off the government’s coronavirus spending, according to chancellor Rishi Sunak.
Sunak was photographed holding a paper of notes for his address to a group of Tory backbench MPs today, with the speech appearing to suggest the Treasury will not be raising taxes by as much as some have speculated.
It comes after days of media reports suggesting the chancellor was preparing to hike taxes in a multitude of ways to claw back some of the £160bn the government has spent during the pandemic.
Some of the proposals the Treasury are reportedly considering are increases in corporation tax, capital gains tax and fuel duty.
Sunak’s speech notes appeared to read: “We will need to do some difficult things.
“Now this does not mean a horror show of tax rises.
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“But it does mean treating the British people with respect, being honest with them about the challenges we face.”
The recent speculation about potential tax rises hitting the UK’s wealthiest sections of society has angered Tory MPs and supporters.
Labour has also come out today to oppose potential tax rises while the economy is still adjusting to the new post-Covid realities.
Sir Keir Starmer’s spokesperson told a group of journalists: “This is absolutely the wrong time to be talking about tax rises.
“This is exactly the wrong time for tax rises, this is time to the economy growing.”
When asked about potential tax rises today, the Prime Minister’s spokesman said: “The Prime Minister and the chancellor have made clear the importance that they attach to the UK being a low tax, competitive economy.”