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Unexpected floor. Reese-Mog warns Sunak that no tax is “economically deprived” | Political news

One of the most loyal ministers of the government warned that the unexpected tax on oil and gas companies will not be “economically free”.

The tax was announced by Chancellor Rishi Sunak as part of a 21 21 billion bailout package to help people cope with the rising cost of living.

But Jacob Reese-Mogg, Brexit’s minister of government efficiency, told Sky News that all the tax cuts had economic consequences.

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He said. “People should understand that there is no tax that you can take that is economically free.

“It does not matter what the tax is, it will have economic consequences.

“Whether it is a paste tax or an excess profit tax, it is an economic consequence.

“There is no honey for free taxes where governments can just go.

“So, as long as they raise the tax, knowing that it will have an economic backlash, which the chancellor is doing, they have to make a choice between one horse of income and the other.”

“After all, there is no non-tax way to spend, it is either today’s tax or tomorrow’s tax by borrowing.”

The cost of living at the latest. Martin Lewis responds to Rishi Sunak’s statement

Mr. SunakThey faced the collection of oil and gas companies Criticism of the Central Bank – which implied that the tax could discourage investment, like the back seats of the mayors, where MP Richard Drax accused the chancellor of “throwing red meat at the socialists.”

The levy is not just one-time, as it will be phased out “if oil and gas prices return to historically higher levels”, and may run until the end of December 2025, when the “sunset provision” will eliminate the tax. .

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The cost of living is 21 21 billion in support

The events announced by the Chancellor in the Communities on Thursday included a one-time payment of 50 650 in benefits to low-income households, which were paid in two installments in July and autumn, valued at ,4 5.4 billion.

Pensioners will also receive a payment of 300 300 in November / December plus winter fuel for միլի 2.5 billion, while by September 150 150 will be paid to people receiving disability benefits.

Mr Sunak said թի 5bn of the package would be paid for by the oil and gas giants, and about միլի 10bn would be covered by an additional loan.

The chancellor tried to avoid calling his plan to levy 25 percent of his energy profits a “lucrative tax” as Labor accused him of “shouting” and dragging himself into a policy that the opposition had been calling for months. for.

But Treasury Secretary-General Simon Clark acknowledged that it was an unexpected tax, saying it included a “cautious offer” of tax incentives to encourage companies to invest in North Sea oil and gas production.

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Ed Conway details the chancellor’s living expenses

Announcing his fiscal package in the communities, Mr Sunak told lawmakers it was worth միլի 15 billion.

However, officials later acknowledged that the hidden cost of the announcement was միլի 6 billion, bringing it to միլի 21 billion.

This is due to the fact that over the next five years, the initial 200 200 discount on energy bills announced in February was “doubled”, turned into a grant by the Chancellor on Thursday, and will not be returned by consumers as originally planned.

Mr. Sunak’s announcement came a day after Sue Gray’s announcement damn report Downing Street Closed Party, featuring the details of drunken parties, fight karaoke in the heart of government when COVID-19 restrictions were in place.

Chancellor Rishi Sunak will speak to Sky News about his միլի 21 billion bailout package shortly after 7 p.m.

Unexpected floor. Reese-Mog warns Sunak that no tax is “economically deprived” | Political news

Source Unexpected floor. Reese-Mog warns Sunak that no tax is “economically deprived” | Political news

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