The Government should bring forward tax cuts given evidence wages are rising quicker than inflation, says Tory MPs 🔴 Rees-Mogg said there was more wriggle room but warned against a “vicious cycle” of wage growth and inflation ChaplainChloe reports:
“However, the risk is that it becomes a vicious cycle which is why early action is so important and makes the Bank of England’s torpor all the more culpable,” he said.
Official figures published next week are expected to show average pay has risen by just over 7 per cent, which would be higher than July’s inflation figure at around 6.8 per cent. Evidence of wage growth will increase the pressure on Mr Hunt and Rishi Sunak to use tax changes to help improve household finances further, and boost the economy.
But Mr Sunak and Mr Hunt have been insistent the overriding priority of the Government is to bring down inflation before any promises can be made to cutTreasury sources have also warned that the rate of average earnings may have been pushed artificially high by the one-off payment to NHS staff earlier this year to break the strikes deadlock.
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