Home Autumn Statement Rishi Shankar faces a growing backlash over tax hike plans. News Jani

Rishi Shankar faces a growing backlash over tax hike plans. News Jani

Rishi Shankar faces a growing backlash over tax hike plans.

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Rishi Singh is facing a growing Tory backlash over his plan to raise taxes to help plug a £55 billion hole in the public finances.

Chancellor Jeremy Hunt will set out his and the Prime Minister’s strategy for tackling the crisis in the economy in Thursday’s autumn statement.

HuffPost UK has been told that taxes will rise by around £25 billion while public spending will be cut by £35 billion.

Hunt confirmed this morning that everyone in the country would see an increase in their tax bill under the plan.

But appearing on Sky News, ex-treasury secretary Simon Clarke – who was sacked as leveling-up secretary by Sink when he became prime minister – said he was opposed to the tax hike.

His comments follow statements from former Tory leader Iain Duncan Smith, who said the tax would make the recession worse.

Clarke said: “It’s absolutely right that we balance the books. I would urge Jeremy to do as much as we can with spending cuts as opposed to tax increases, noting that taxes are clearly very is at a high level.

“Faced with the threat of recession that we all know exists right now, I think the best growth option would be to cut spending rather than raise taxes.”

Clarke, who backed Liz Truss against Cinque in last summer’s Tory leadership contest, also urged the prime minister to stick to her predecessor’s plan to increase defense spending to 3 per cent of gross domestic product by 2030. Stay tuned.

He added: “One of the reasons I supported Liz in the summer is because I believe very strongly that with the tax burden at a 70-year high we will only increase the challenges we face for businesses and households. Need to be very careful about.

“That’s something I know Jeremy, as a business person, will be very aware of.”

Clarke’s comments show the challenge both Sink and Hunt will face in getting their plans through the House of Commons, with many Tory MPs deeply nervous about the prospect of further tax increases.

But the chancellor insisted the government had no alternative if it was to get the economy back on track.

He said: “We’re going to see everybody paying more tax, we’re going to see spending cuts.

“But I think it’s very important to say that we’re a resilient country, we’ve faced big challenges in our past, and we’re also a compassionate country, so we’re going to introduce a plan that we’re very will pass through choppy waters.that we are economically.

“But we will make sure that we protect the most vulnerable people, and in particular to tackle the single biggest problem for people on low incomes, which is the increase in their weekly shop. “There is a rising cost and rising cost of energy.”

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