The British Prime Minister has said he intends to bring down taxes when inflation cools and claimed the economy was defying expectations, after experts said one in five people would be paying a higher rate of tax under his policies.
Rishi Sunak dismissed Nigel Farage’s declaration that “Brexit has failed” and said the nation’s finances were receiving boosts from the departure from the EU.
Brexiteers are pressuring the Prime Minister to seize on the ability to deregulate the economy, slash taxes and scrub laws written in Brussels from the statute book.
But he majorly downgraded the promised legislative “bonfire” before the Institute for Fiscal Studies projected that 7.8 million people would be paying income tax at 40 per cent or above by 2027-28.
Speaking to journalists travelling with him to a G7 summit in Japan, Mr Sunak said: “Right now, we’re grappling with high inflation and elevated borrowing and it is responsible to deal with that first.
“Once we have reduced inflation and brought borrowing under control, I would very much like to be able to reduce the tax burden.”
As millions suffer under a cost-of-living crisis, the Prime Minister expressed optimism about the economy after the Bank of England stopped forecasting that the UK would enter a recession this year.
Rishi Sunak through the years – in pictures
“The IFS will make its own estimates. What I would say is, recently, we’ve seen massive upgrades in our growth forecasts from a range of different people, whether that’s the Bank of England and others including the IFS previously,” Mr Sunak said.
“You can see that in surveys from CFOs [chief financial officers] and other things – economic optimism is increasing, consumer confidence is increasing, growth estimates are being raised.”
He argued that the Office for National Statistics figures on disposable income are “hugely outperforming what people thought”.
“So I think there are lots of signs that things are moving in the right direction.”
UK Chancellor says 'best tax cut right now is a cut in inflation' – video
This week Mr Farage, the prominent Leave campaigner, said the country had “not actually benefited from Brexit economically”.
He blamed the Conservatives for mismanaging the economy, saying: “Brexit has failed.”
But Mr Sunak insisted he is “actually delivering the benefits of Brexit as opposed to just talking about it”.
The Prime Minister said he has commissioned freeports, cut VAT on sanitary products, reformed alcohol duties and was culling hundreds of EU-era laws.
“These are not small things and they come on top of all the other things. I feel pretty confident that we are delivering the benefits of Brexit from an economic perspective – the track record is very clear on that,” he said.
After a lengthy response, Mr Sunak said he was “glad to get that off my chest”.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Our Time Has Come
Alyssa Ayres, Oxford University Press
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
