The Chancellor hasn’t got a clue.
He has left households and businesses to fend for themselves in the middle of a devastating cost of living crisis. The OBR has confirmed today the biggest hit to household incomes on record.
Before the Ukraine crisis, inflation was already spiralling, and Conservative choices had left us exposed to a cost of living crisis.
The price of petrol, food and energy are still soaring, and people are worried about the future.
In Putney, the Government’s economic mismanagement has resulted in 73% having more expensive energy bills, 60% paying more for fuel, 61% paying more for transport and 32% losing income due to the cut to Universal Credit.
The child poverty rate in Wandsworth is currently at 31% and London has the highest number of over 65s living in relative poverty in the country.
The Conservatives are choosing to bring in a National Insurance Contribution rise at the worst possible time, and will have an enormous impact on working people and business in our community.
Rishi Sunak must halt this deeply unfair tax rise.
It’s also time for them to look again at Labour’s proposal for a one-off windfall tax on oil and gas producers to cut household energy bills by up to £600.
And we must grow our economy, to get us out of this high tax, low growth trap. With Labour’s plan to buy, make and sell more in Britain, and our Climate Investment Pledge, we’ll get our economy firing on all cylinders.Even after the changes today, under the Conservatives, Britain is facing the highest tax burden in 70 years, with the Chancellor confirming £24 billion of additional tax rises about to hit.
Rishi Sunak is raising taxes again and again, only to offer crumbs just before an election. This is a cynical Chancellor who is asking struggling families to pay for the Tory election campaign.
The British people will see through it.