Rachel Reeves has just claimed in her Mais lecture she had to raise taxes in both her car-crash Budgets because not doing so would have led to “higher inflation, higher interest rates, higher borrowing… or collapsing public services“. Admitting these choices were “unpopular” with some, which is the understatement of the millennium…
Here is what the Office for Budget Responsibility said when Reeves hiked employers’ NI contributions in her first Budget:
“The OBR also expect that in the near-term the measure will add 0.2% to the level of the CPI as a result of firms passing on part of the cost of the measure to consumer prices.”
Not to mention the inflationary public sector pay rises…
There was a time when Reeves held up the OBR as the paragons of virtue. Then she got into government and obviously had second thoughts. Even before they accidentally leaked her entire Budget last year…
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