The Conservative Growth Group has reportedly been holding secretive weekly meetings to come up with ways to put pressure the government into cutting taxes.
They are right to do so. Our economy isn’t growing. Inflation will remain high for months to come.
Now is exactly the wrong time to pummel the country with ever-higher taxes and all but give up on economic growth.
Emily Carver has criticised Jeremy Hunt's tax measures
Image: GB News
Indeed, we heard this week how drug giant AstraZeneca has chosen Ireland over the UK for its new £320million drug factory.
The chief executive blamed our “discouraging” tax regime.
So why then are Rishi Sunak and his chancellor still insisting that there will be no tax cuts?
And why on earth has he not yet seen sense and cancelled the planned rise in corporation tax?
Remember, it was only last summer that Jeremy Hunt said he'd immediately slash the 19p rate to 15p if he became Prime Minister.
Well, he’s made it to Chancellor and he’s going to raise it to 25p.
If I were a cynic, I’d say maybe he was stretching the truth a little in his leadership campaign. Throwing some red meat to the base.
Sure, we know Hunt wants to scrape back a bit of money after the billions spent during the pandemic.
But, if businesses relocate, jobs are lost, and investment continues to flat line, what’s the point? There will be less tax to harvest anyway.
Rishi Sunak says he wants Britain to be a ‘life sciences’ superpower. His answer? Yet another government department.
The Conservative Growth Group have reportedly lobbied the Chancellor in a bid to reduce taxation
House of Commons
That’s not where growth comes from. It comes from the businesses and innovators this government is scaring away.
It may be easy for the left to demonise the likes of BP and Shell for their bumper profits, and insist that more and more taxes are needed.
But why are the Conservatives falling hook, line and sinker for the same nonsense idea that you can tax a country to prosperity?
If Jeremy Hunt goes ahead with his planned corporation tax hike, the UK will fall from 5th to 30th place in the OECD table on tax competitiveness.
The Chancellor is taking us on a path to decline. Is this the legacy he wants?
