May grants Hammond free hand on tax to fund £20bn NHS boost
Philip Hammond has been given a free hand to raise taxes to fund Theresa May’s promise to boost NHS spending by £20bn, putting Conservative party election manifesto promises at risk. During a speech on Monday, the PM conceded the public would pay more, but promised this would be done in a "fair and balanced" way. Mr Hammond’s allies said that higher taxes and more borrowing would form the bulk of the extra funding, with the “Brexit dividend” touted by Mrs May as a chief source of cash, seen by the Treasury as little more than political spin to appease pro-Brexit Tories.
Source: Financial Times (19/06/2018)