Rishi Sunak has declared himself “ready to fight” as the Conservatives remain far behind Labor in the polls.
In an interview with the temperaturethe prime minister said hard work should be rewarded with tax cuts and that he would cut taxes as soon as it was “responsible to do so”.
“At the beginning of this year, there is a feeling that the country is moving in the right direction,” he told the newspaper.
“Because economic conditions have improved, because the plan is working, we are starting to see mortgage rates come down and we have been able to reduce taxes.
“I believe those pressures are starting to ease and hopefully over the course of this year we can continue to make even more progress.”
Hopes that a pre-election giveaway, along with an improving economic outlook, will help narrow the polling gap with Keir Starmer’s Labor Party are at the heart of the Prime Minister’s optimism that he can to redress the situation of his party.
A renewed promise to cut taxes came after the publication of his own tax summary showed his UK tax bill totaled more than £500,000 last year, while his total income rose at £2.2 million.
Critics pointed out that he paid the same effective tax rate, about 23 percent of his annual income, as a teacher, although he raked in millions more. This is because most of his income was in the form of capital gains, which are taxed at a lower rate than income.
It comes as Chancellor Jeremy Hunt sought to dampen expectations over the scale of tax cuts in his spring Budget, despite Tory demands for cuts.
Sunak said: “None of us ever talk about this sort of thing before budgets. Others are. I think they are overinterpreting. What the chancellor and I have said is that our long-term plan is obviously to reduce taxes for people.”
Shadow chief secretary to the Treasury Darren Jones told The Times: “Rishi Sunak’s words will ring hollow for the millions of families across Britain who find themselves worse off after 14 years of failed policies. conservatives.
“There have been 25 Tory tax rises since the election and the average household is set to lose £1,200 thanks to Rishi Sunak’s tax plan. It’s time for change and a Labor government that is committed to investing in the future of the UK.”
Meanwhile, Sunak was described as out of touch earlier this week for agreeing to a £1,000 bet with broadcaster Piers Morgan over the success of the government’s asylum program in Rwanda ahead of the election.
The former investment banker and hedge fund manager’s immense wealth was highlighted by the release of his tax documents on Friday.
His total income increased by 13% from the previous year to £2.2 million, bringing his total income over the last four years to around £7 million. Its effective tax rate of 23% is the same as that paid by a teacher on a salary of £41,600 a year, according to Tax Justice UK.
Its executive director, Robert Palmer, said: “This is a feature of our broken tax system. Right now, someone who makes most of their money from their wealth, like the Prime Minister, pays a much lower tax rate than someone who makes their living from outside work.”
PA Media contributed to this report
