MP is critical of mini-budget
Following the Chancellor’s announcement that the Government is abandoning its plan to abolish the 45p tax rate, John said,
“I am pleased that the Chancellor and the Prime Minister have made the right decision. Low taxes are a bedrock Conservative value, but reducing taxes on very high earners whilst we are in the teeth of a cost of living crisis is unwise. We must remain true to the One Nation principle of encouraging growth and prosperity as a means to help the less fortunate.”
“While I applaud much of the spirit behind the mini-budget and share the analysis that boosting growth needs more of a focus, it is essential that any measures announced at these events are balanced. As anyone who has worked in financial services should know, announcing tax cuts without any real detail as to the extent of extra borrowing, together with no attempt to detail spending cuts, was bound to worry the markets.”
“More broadly, it is clear that the Conservatives’ reputation for competence and responsible stewardship of the economy has been badly shaken by recent events. This must now be quickly corrected.”
