Plea to cut taxes

Labour must cut taxes to promote growth

Several commentators call for Labour to cut taxes or risk crashing the economy. Liam Halligan says in the Sunday Telegraph that Sir Keir Starmer’s administration “has thwarted growth”, compounding the economic difficulties left behind by the Tories. He goes on to say that the UK state is far too big and expensive but Labour is further expanding it for ideological reasons, with the increase in taxation and government spending spooking bond markets. Elsewhere, Oliver Shah asserts in the Sunday Times that “ Labour is deluded if it thinks it can keep talking about growth while bringing in policies such as its proposed workers' rights bill.” There are laudable missions, such as planning reforms, but the Chancellor needs to take action to jumpstart growth, namely through tax cuts and spending cuts – two things anathema to a Labour government. Finally, talking to the Sunday Express, Shadow Chancellor Mel Stride says he is horrified at what Labour have done to the economy since the election. "They've heaped taxes on to business - taxed the living daylights out of them, talked down the economy and they seem now to be slightly shocked and surprised the economy is in a very bad place.” He adds: "We've seen growth killed stone dead."