Digi News 360 Blog India Economics Tory MPs oppose Hunt’s proposal for raising Taxes
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Tory MPs oppose Hunt’s proposal for raising Taxes

December 12, 2022

Jeremy Hunt, Chancellor of the Exchequer

On Sunday, 11th December 2022, 40 Tory MPs called for lower taxes and a new Tory campaign group was launched in a fresh headache for Rishi Sunak. They sent a letter to Chancellor Jeremy Hunt stating taxes were too high and offering suggestions as to how to lower them by £7bn.

The letter was signed by senior Tories, including former Conservative Party chair Sir Jake Berry, and ex-ministers Sir Iain Duncan Smith, David Davis and Esther McVey.

“The letter to Mr Hunt criticized his recent autumn statement stating he is taxing the British public “at levels not seen since the end of the Second World War” while the government is spending “more public money in 2023 and 2024 than at any point since the mid-1970s”.

These MPs have stated that they need to reassure their constituents that their money is well spent and provides value and not wasted highlighting a report by the Conservative Way Forward group to be published. This report will provide examples of where taxes could be cut to save £7bn, with previous reports saying it recommends cuts from equality, diversity and inclusion initiatives.

Mr Hunt is understood to be open to considering the report’s recommendations as part of a wider efficiency review. A Treasury spokesman said: “The chancellor has been clear that spending discipline is crucial for building market credibility, ensuring economic stability, driving long-term growth and sustainably funding public services.

“To support departments to do this, the chancellor is launching an efficiency and savings review. This will include reprioritising spending away from lower-value and low-priority programmes.”

The conservatives, labour as well other political parties should consider wider societal issues so that UK can win over the grave financial crisis. For example, the weapons and other military support, given to Ukraine by UK, along with its allies since the Russian invasion started on 24 February 2022, may also be reviewed. As the second largest donor, the UK has committed £2.3 billion in military assistance to Ukraine so far and has made a pledge to match that assistance in 2023. In addition, UK is also hosting a training programme, supported by a number of allies, with the aim of training 10,000 new and existing Ukrainian personnel every 120 days. (https://commonslibrary.parliament.uk/research-briefings/cbp-9477/)

At a recent G20 summit in Bali, the Hon’ble PM of India stated that this is not an era of war and all out efforts must be made to stop the war and bring the parties on the negotiating table.

As a permanent member of UN Security Council, UK should try for an immediate Ceasefire in Ukraine and push Russia and Ukraine towards negotiations. If this war can be stopped, human suffering due to inflation all over the world can come down.

By- Rajender

                                                                                              

Note: Please read “Rishi Sunak – faces Tory Factionalism“ at https://diginews360.com/rishi-sunak-faces-tory-factionalism/ of November 25, 2022.     

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