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Senior Tory Liam Fox has called on the Chancellor to make \u201ctotemic\u201d changes to the tax system that will \u201cunleash\u201d Britain\u2019s small businesses.<\/p>\n
Invoking Margaret Thatcher\u2019s legacy, the former Defence Secretary said the Chancellor must deliver a major shake-up, to set the Conservative Party on the path to election victory.<\/p>\n
He said: \u201cWe need to look at the tax system, our regulatory frameworks, and the ability to access scale-up capital if we are to create this political alliance for the future.<\/p>\n
\u201cJeremy Hunt, in his Autumn Statement and his Spring Budget in 2024, needs to set out why the Tory Party, and only the Tory Party, can be trusted to unleash the full talents of our small business sector.\u201d<\/p>\n
Dr Fox insists the Tories should come across as the natural party of choice for \u201cevery white van man and woman across this country and the natural home for every white coat man and woman in our emerging tech sector\u201d.<\/p>\n
READ MORE <\/strong> Britain’s civil service chiefs are sabotaging elected ministers, says Liam Fox<\/strong><\/p>\n And he warned that the party needs to create a \u201ccompelling narrative\u201d, akin to former prime minister Mrs Thatcher\u2019s 1980s home ownership revolution.<\/p>\n He said: \u201cWe need to re-engineer and sell our policy offers in a way as dramatic as Mrs Thatcher did in relation to home ownership.<\/p>\n \u201cToo many people who have the natural aspirations to build the business and create wealth in our country do not currently see the Conservatives as their natural allies. That needs to change.<\/p>\n \u201cWe already have a good story to tell, but if we have to do something extremely totemic and emblematic again, in the way we did with council housing, then we should do it.<\/p>\n \u201cThis will require us to have enormous discipline in other fiscal areas if we are to be able to create the sort of credible offer that can create a generational affinity for our party.\u201d<\/p>\n Don’t miss… <\/strong> Tax cuts ‘unlikely’ as Jeremy Hunt says inflation ‘stickier’ than forecast[LATEST] <\/strong><\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n Mr Hunt is under pressure from Tory backbenchers to cut taxes ahead of the general election and may plan to create fiscal headroom for this in November\u2019s Autumn Statement.<\/p>\n One option being considered is capping benefit rises. Under cost-saving options drawn up by officials, working-age benefits could be slashed in real terms if the Chancellor decides not to peg them to September\u2019s inflation figure.<\/p>\n Instead, he could lift benefits by at least one percentage point below inflation or raise them in line with projected lower inflation figures for next year.<\/p>\n September\u2019s inflation figure is expected to be just below 7 percent, whereas forecasters think it will fall to 3 percent by April, when the benefit rise kicks in.<\/p>\n Dr Fox feels the fiscal statement and next year\u2019s Spring Budget will have a key effect at the polls, but told Tory members: \u201cDespite the apparent gloom within much of the party, the combination of an improving economy, the fact that we are defending such a large majority and the effects of the boundary changes will all act in our favour.\u201d<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/secondary\/4964971.jpg?r=1695029962477\")
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