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Wednesday, April 24, 2024

Chancellor Living in Fantasyland Over Tax Cuts for The Richest

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The Chancellor is living in a “fantasy land” over plans to cut taxes for the richest despite the bleak economic outlook and prospect of further austerity measures, the SNP has said ahead of the budget.

It comes as an intervention from the Institute for Fiscal Studies (IFS) stated in a new report released today:

“If the Chancellor wants to cut taxes, he should tell us where the spending cuts will fall.”

The report’s main finding is that UK taxes are heading towards record-high levels as a share of national income, and whilst the Chancellor is under pressure to announce cuts, government debt is high and rising.

The IFS is clear that the Chancellor must be clear where the cuts will fall, otherwise the temptation to scale back spending plans further to ‘pay for’ new cuts should be avoided. 

Commenting the SNP’s Economy Spokesperson, Drew Hendry MP said:

“It’s clear that with a bleak economic outlook, ushered in by this Tory government’s Brexit and economic illiteracy, that tax cuts will have to be followed by significant cuts to public services.

“With thousands of households across the UK struggling with the soaring cost of living, it is deeply irresponsible for the Chancellor to consider plans that would see more austerity and cuts to public sector spending, and to be doing so at the same time as considering tax cuts for the richest just shows he’s living in fantasy land.

“The SNP will continue to strongly oppose both the Tories and Labour’s austerity plans that have seen the poorest suffer and the rich get richer.

“It says something to the priorities of both Rishi Sunak and Sir Keir Starmer that they would rather prop up investment bankers than help the poorest and most vulnerable people in our communities who are clearly struggling through this brutal cost of living crisis. 

“Both of the main Westminster parties have set out economic priorities which do not represent the values or the priorities of the people of Scotland and have dragged us economically backwards.

“In contrast, the SNP will always stand up for Scotland’s potential to do better, and for our interest and values, and to protect our vital public services.”

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