RISHI Sunak yesterday popped the cork on a champagne Budget for Sun readers with a boost for pubs, draught beer and British bubbly. The Chancellor beamed: “This is a new age of optimism.” But his …
Tory MPs found themselves cheering and waving as Mr Sunak rattled off spending pledges which could easily have been pinched from the Labour Party playbook.And he vowed to restore overseas aid, trimmed last year to pay for pandemic spending, to 0.7 per cent of economic output, unpopular with many Tories.Domestic air travellers will pay less to fly but — in a nod to the COP26 climate change summit — long-haul tourists face a discouraging increase in passenger duty.
The extra revenues will be lavished on the NHS, which now gobbles £40 out of every £100 raised from taxpayers.The economy will grow 6.5 per cent this year and again next — much higher than predicted.Unemployment is also running well below expectations, cutting the cost of benefits. Billions have been earmarked for much-needed long-term investment on roads, rail, ports and infrastructure — all part of the Tories’ “levelling-up” agenda.
Mr Sunak is hoping these will boost the economy and create elbow room for voter-friendly tax cuts before the next election.The monster of inflation is on the march for the first time in 40 years. It is heading for 4.5 per cent, more than double official targets. Every extra percentage point piles billions on to Whitehall borrowing costs. Some experts fear it will hit six to eight per cent next year, forcing up interest rates on mortgages and state debt.Mr Sunak is taking a big gamble - and the outcome will be determined by events far beyond his controlBudget highlights - Key parts of Chancellor Rishi Sunak's plans for tax and spending
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