It comes as Chancellor Kwasi Kwarteng unveiled the biggest programme of tax cuts for 50 years
The Government is not concerned about the “politics of envy”, a Treasury minister said as its raft of tax cuts came under fire for disproportionately benefiting the rich.
The wealthiest 5% will see their incomes grow by 2% next year , while the other 95% of the population will get poorer as the cost-of-living crisis continues. He told Times Radio: “We’re going to do what’s right. We’re going to get growth delivered. And we’re not going to sort of worry about the politics of envy, or the optics of it.”
The IFS’s Mr Johnson said: “The scale of these tax cuts, along with the slowing of the economy, means that unless something remarkable happens, we’re going to be on an unsustainable path in terms of borrowing and, at some point, we’re likely to have to have tax rises to offset some of these cuts, or some cuts in spending.”
He confirmed plans to axe the cap on bankers’ bonuses, added restrictions to the welfare system, reversed the rise in national insurance and scrapped a planned rise in corporation tax.
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