Cost of living: Sunak 'has to take action' says Reynolds
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Sir John Redwood has taxed Boris Johnson’s Government with hurting the lowest-income households with austerity measures amid the cost of living squeeze. Instead of imposing more taxes on people and companies, the Government should “give some of that tax back”, Sir John said. Speaking to Talk TV’s Julia Hartley-Brewer, Sir John erupted: “Julia, it’s always a great time to go for lower tax rates.
“You get more revenue. You get more growth. People are happier. And I don’t know why they’re finding it so difficult.
“But yes, I think my moment may be coming now.”
Sir John is a self-described low-tax Tory and finds the taxes will hurt the poorest the hardest.
“I don’t think they can get through to the autumn without doing something.
“People are really suffering.”
“And the lower the income, the worse the suffering is going to be”, Mr Redwood continued.
“But this is going to hit people right up the income scale apart from the very rich.
“People are going to have to make much more difficult choices.
“They’re already finding the energy bills very difficult.”
Millions of people saw a £700 increase in energy costs in April, according to a research briefing by the House of Commons.
“Food prices are going up. Retailers are trying to keep them down because of the world’s pressures.”
“So, I’ve been saying for some time: give some of the tax back, which the Treasury is ripping off us because of our higher energy prices.
Talk TV’s Julia Hartley-Brewer then cut him off, saying: “The energy firms are making a lot more money because of what’s happening.
“So, there’s no sort of great work or cleverness of themselves.
“But also, the government is making massive sums, billions from the fuel duty, the VAT, which they’re getting in huge sums, which they were expecting as well”, Ms Hartley-Brewer added.
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Sir John responded: “You don’t solve the problem by making energy deals and taxing energy companies more doesn’t achieve anything good at all.
“It makes them pull off the investment.
“What you’ve got to do is give some of the tax back, Julia.”
Chancellor of the Exchequer Rushi Sunak is expected to announce a plan imminently.
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