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Monday, Jul 22, 2024

Rishi Sunak's £17bn Tax Giveaway: Controversy and Criticism

Prime Minister Rishi Sunak announced a £17bn tax giveaway focused on tax cuts and higher thresholds for child benefits. Critics, including Labour and fiscal think tanks, argue the plan is financially unsound and benefits wealthier voters. The controversial manifesto also includes promises to cut national insurance and build 1.6m new homes.
Rishi Sunak unveiled a £17bn tax giveaway as the highlight of the Conservative Party manifesto, facing immediate criticism for being 'implausible' and favoring wealthier voters.

The launch at Silverstone racetrack in Northamptonshire featured cuts to national insurance and stamp duty, higher thresholds for child benefit, and increased help for pensioners.

However, think tanks and Labour warned that the plan, which would cost £17.2bn annually by 2029-30, might not be financially viable.

Critics argue the proposed savings from social security cuts and tax avoidance crackdowns are uncertain and insufficient.

Fiscal experts highlighted that the tax cuts mainly benefit higher earners.

Labour’s own analysis predicted a £17.4bn shortfall, with potential negative impacts on mortgage rates.

Despite the mixed reception, the manifesto includes other pledges like halving net migration and building 1.6m new homes.
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