Former Conservative ministers pour scorn on mini-Budget, saying giving tax cuts to the wealthiest without extra help for those on lower incomes is “wrong”
yesterday, with some warning that cutting taxes for the highest earners without similar giveaways for lower to middle-income earners risked damaging the party’s credibility.was not accompanied by independent growth forecasts from the Office for Budget Responsibility .
Asked about the optics of huge tax cuts for the rich while threatening to cut benefits for people on Universal Credit, one Tory backbencher responded that it was “not brilliant to juxtapose them”. Mr Hollinrake estimated there would be a £250bn budget deficit due to the Government’s new financial plans, and asked: “Can he confirm as he seeks to balance the books in the future – because of course there will be a higher deficit either way on this announcement – he will not do so by cutting infrastructure investment in the north?”