RISHI Sunak today vowed to cut taxes as inflation falls – amid a warning Brits face the same eye-watering tax burden that Jeremy Corbyn threatened.
The tax-to-GDP ratio will hit a massive 37.7 per cent by 2027 thanks to Tory tax raids – which is the same rate forecast if the veteran lefty had seized power.
But today the PM said the economy was “hugely outperforming” gloomy predictions and would allow him to reduce the burden on squeezed Brits.
As impatient Tory MPs circle, he insisted: “I want people’s hard work to be rewarded… I want to bring people’s taxes down.”
The clamour for tax cuts intensified as analysis showed the tax burden will soar past the Corbyn-era predictions.
The lefties would-be spending splurge in 2019 was forecast to hike taxes far higher than of any government since WW2.
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But official projections from the OBR says Mr Sunak will surpass that doomsday scenario to hit 37.7 per cent in four years time if he does not change tack.
The TPA’s John O’Connell said: “Red tape and high taxes are holding Britain back.
“Ministers should be attracting firms and letting workers thrive, but instead we’re heading towards a tax burden that Jeremy Corbyn would be proud of.”
Mr Sunak is determined to halve stubbornly high 10.4 per cent inflation by the end of the year to pave the way for pre-election tax cuts.
On the plane to the G7 summit in Japan he said doomster economists will be proved wrong as UK PLC is bouncing back quicker than expected.
The PM took aim at pessimistic predictions from the Bank of England and think tank chiefs, who were forced to hastily u-turn and change tack on their doom-laden recession forecasts.
He said: “There are lots of signs that things are moving in the right direction.”
Today the Chancellor called for a cut in business taxes – just six weeks after hiking them to a record high.
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Jeremy Hunt told bosses: "What I would say to people worried about levels of taxation is: I agree with that, we have to get our taxes down, particularly our business taxes down”.
But just 47 days ago he raised corporation tax from 19 to 25 per cent.
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