GB News’ Liam Halligan has denounced Rishi Sunak’s promise of an income tax cut in 2024 as it lacks “credibility”.
As part of his Spring Statement, the Chancellor vowed to cut the basic rate of income tax from 20p to 19p in 2024.
The move is just one of Mr Sunak’s measures set out today that aim to alleviate the looming cost-of-living crisis.
Liam, suspicious that the cut comes into effect during an election year, said: “With so much uncertainty, he [Rishi Sunak] cannot in my view credibly say that tax cut will happen."
Liam Halligan analyses Rishi Sunak's Spring Statement
GB News
Rishi Sunak delivers his Spring Statement in the House of Commons today
House of Commons
Amid the plans for tax reduction, the Chancellor delivered a gloomy economic forecast.
He relayed the Office for Budget Responsibility’s (OBR) prediction that economic growth, that was expected to be at six percent in October, is now cast at 3.8 percent.
Prior to Mr Sunak's statement, inflation hit a new 30-year high driven by soaring fuel prices, a consequence of Vladimir Putin's invasion of Ukraine.
Other announcements in the Spring Statement included a 5p per litre cut in fuel duty, as well as, a £6billion plan to increase the threshold at which people start paying national insurance contributions.
The measures have been met with outrage.
Labour's Rachel Reeves lashed out at Mr Sunak and said he is "making the cost-of-living crisis worse, not better".
The Shadow Chancellor said: “Inflation is at its highest level for 30 years and rising. Energy prices at record highs. People are worried sick.
“For all his words, it is clear that the Chancellor does not understand the scale of the challenge. He talks about providing security for working families, but his choices are making the cost-of-living crisis worse, not better."
