‘Economically illiterate’: Lancaster councillor slams Chancellor’s tax cuts after mini-budget

Sunday, 25 September 2022 12:58

A Lancaster councillor has criticised the wave of tax cuts announced this week by the chancellor in his ‘mini budget’.

County Councillor Lizzi Collinge, Chair of Morecambe and Lunesdale Labour, and representative for Lancaster East on Lancashire County Council, said that measures including scrapping the higher rate of income tax and caps on banker’s bonuses announced by Kwasi Kwarteng on Friday would do little for the majority of the population.

"I am shocked and disgusted at this economically illiterate mini-budget which does nothing to help most people and instead hands tax cuts to the richest.’’ she said.

‘’Getting rid of the higher rate of tax for people earning over £150,000 and uncapping bankers' pay puts the Conservative Government's priorities into sharp focus; protecting the wealthy few, not looking after the country they are supposed to serve.

"This is a continuation of the stupidity of their previously announced energy plans, which puts the cost on taxpayers and props up energy producers' excess profits. Labour proposed paying for energy help through a windfall tax on energy companies but the Government refused, instead paying for their plan by borrowing more. So people's bills will still go up now, and the taxpayer will be propping up company profits and fat cat salaries for years to come.

"The Conservative Government claim they will pay for their plans by growing the economy, but none of their announcements today have any evidence behind them. We know 'trickle down' economics doesn't work, it's been proven in real life over and over again. Economic prosperity comes through ensuring a system which is fair to all. Economic prosperity is also based on a healthy and educated population. Good education and health services are basic economic building blocks and we've seen nothing sound from the Government about how they will deliver those necessities."

The chancellor revealed the biggest tax cuts for 50 years as part of the new economic agenda - a package that will be paid for through a huge leap in government borrowing.

He cut stamp duty for homebuyers, and brought forward a cut to the basic rate of income tax, to 19p in the pound, a year early, to April, as part of tax cuts costing up to £45bn annually.

Mr Kwarteng described the package of measures as ‘’a new approach for a new era, focused on growth.’’

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