Economist slams Tory leadership candidates' tax promises
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Mr Sandher discussed the economic promises leadership candidates running to be the next Prime Minister and leader of the Conservative Party were making to the British public with Julia Hartley-Brewer. The British economist explained the proposed £50b tax cuts Sajid Javid and Nadhim Zahawi are wanting to make were the size of the defence and justice budgets combined. Mr Sandher criticised the Conservative candidates and claimed they were either incompetent or were not being straight with the British public.
Mr Sandher told Talk TV: “In terms of the leadership candidates, every single one is promising huge tax cuts as well as low borrowing.
“That means huge cuts in public services, Sajid Javid and Nadhim Zahawi both promising £50bn a year in tax cuts.
“To put that into perspective that’s the defence budget and the justice budget combined.
“So either they’re incompetent they don’t know these huge public service cuts they’re promising, or they’re not being straight with the British people.
“And after three years of Boris Johnson a man who is incompetent and devious, this is the last person… And the last thing that we need as the public.”
Ms Hartley-Brewer added: “Well this is the thing though, everyone demands tax cuts but everyone also appears to be more spending on X or Y.
“I mean Sajid Javid was a Health Secretary saying I want more money for the NHS, you get the national insurance rise.
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“I think the national insurance rise was the most insane taxes to rise, it literally is a tax on jobs, but everyone seems to want both.
“I mean the argument from the right seems to be you can have both because you need to get growth, but I think growth isn’t going to appear magically tomorrow is it if we cut taxes?”
Mr Sandher said: “It’s not and we need to deal with our longer problems, right you need to have infrastructure that works.
“You need to insure that people get around, you know in London here we have CrossRail, up North, we don’t even have rail lines that are electrified.
“You can’t afford to get around because buses are too expensive, and you can’t get to your jobs properly.
“We’ve just had children losing over two months behind on mass, you know time and time again they need to deal with the long-term challenges.
“And look if cutting tax was all you need, then Somalia would be richer than Sweden.”
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Inflation in the UK is currently 9.1 per cent, and many economists and financial advisors have claimed lowering taxes will cause it to soar higher.
Which in turn will damage the British economy further, finically impacting many people in the country.
Many of the Conservative leadership candidates have been vowing to lower taxes, one candidate being ex-Chancellor Rishi Sunak.
Mr Sunak in his previous position as Chancellor increased the cost of national insurance and personal tax just months ago but is now claiming he will reduce it.
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Julian House, the managing director of My Favourite Voucher Codes spoke to Express.co.uk exclusively about the impact of inflation.
“However, a recession will be even worse from a personal standpoint.
“When a country’s economy falls into a recession, companies will make fewer sales and people will lose their jobs. In more extreme cases, companies can be forced into bankruptcy.
“If you’ve invested in assets like bonds, real estate and stocks, their value is very likely to depreciate and your savings will be reduced.
“A recession can have a very serious impact on people’s savings, even disrupting retirement plans.”
The financial expert specifically noted the knock-on effect a recession will have on people’s mortgage payments as banks and building societies will be forced to a “harder stance”.
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