Tax and Fiscal Policy

Spending restraint is essential to balance the UK’s books

Joseph Dinnage writes for The Express

IEA Digital Officer Joseph Dinnage has written for The Daily Express responding to new Chancellor Jeremy Hunt’s fiscal announcement.

Emphasising the role of high spending in the fall of ‘Trussonomics’, Joseph said:

“By capping the price of energy for households, the policy amounts to the largest welfare handout in recent memory. This will cover the costs of aristocratic swimming pools and the homes of the most vulnerable, all in the same breath.

Further, costing £130 billion, the policy leaves the price of the furlough scheme, £70 billion, yearning for attention.”

Joseph welcomed a new commitment to fiscal balance, but lamented the plan to do so by raising taxes, writing:

“With the tax burden at its highest since Clement Atlee’s government, increasing taxes for consumers, families and businesses seems an unsustainable position.”

The full article can be read here.