‘Now not time to put up taxes’ Business chief warns Sunak’s plan to ‘stifle’ UK recovery

Sunak: Lord Bilimoria warns against raising taxes

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Lord Bilimoria discussed the increase in taxes to help pay for the Covid backlog and social care in the UK. The CBI President then went on to discuss the increase in the pricing of fuel in the UK, claiming Britain was one of the main countries globally struggling with this. The peer slammed Rishi Sunak’s 5p cut to fuel prices and claimed that taxes needed to be cut now instead of in 2024.

Lord Bilimoria told LBC: “There is no point having the highest tax burden in 70 years, at any time let alone now.

“We are suffering so much, consumers have suffered, businesses have suffered, putting up taxes stifles the recovery.

“And we’ve got a recovery that is so fragile anyway with inflation, with energy costs.

“With supply chain issues and now exacerbated by the war in Ukraine, so now is not the time to put up taxes.

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Lord Bilimoria added: “And to say that we’re going to reduce taxes in 2024, well we need the taxes reduced now!

“And what we’re calling for is the urgency, there’s an urgency to this because people are genuinely suffering off fuel costs.

“You put down fuel by 5p, if you look at a world map of the cost of fuel around the world, we’re one of the highest in the world.

“So consumers are really really suffering, and I don’t think that… Of course, you need to invest in health, of course, you do but now is the time to invest…”

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Nick Ferrari added: “But how do you do both? Were Sajid Javid here he would say Karan I hear what you say but, how else are we going to address the NHS backlog and fund social care reforms, Karan?

Lord Bilimoria said: “Well how do you fund anything, did we have the £400b when we have to save the economy in the last two years? Of course, we didn’t have it but we had to find it because needs must.

“It’s the analogy I’ve used before Nick, it’s a tennis stroke, you take the backswing £400b, and you hit the ball if you stop there the ball will go in the net.

“You need to follow through to get that ball over the net and the follow-through may not be £400b, you need to spend more and invest now because you need to incentivise investment.”

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Chancellor of the Exchequer has been slammed by British taxpayers for the increase as he is one of the richest men in the country, and he won’t suffer due to any of the increases himself.

John O’Connell, chief executive of the TaxPayers’ Alliance, which researches and investigates the yearly town hall rich list, claims the research they conduct helps to allow local residents to hold local councils to account.

Mr O’Connell said: “Taxpayers facing a cost of living crisis want to know they are getting value for money from their local authority leadership.

“With households having suffered through the pandemic and now struggling under colossal tax bills, the country needs councils to prioritise key services without resorting to punishing tax hikes.

“These figures will allow residents to judge town hall bosses for themselves and hold their local councils to account.”

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