'Can't tax your way out of recovery!' Mark Francois erupts in savage Rishi Sunak slapdown

The Conservative MP and European Research Group Chair discussed the announcement that leadership candidate Liz Truss would is publishing the details of an emergency budget in only a matter of weeks. Mr Francois went on to discuss the possibility of the UK facing another recession like other experts have been warning. The Conservative MP explained that Ms Truss believes a recession can be avoided by having tax cuts. Many experts have been calling for the Government to release plans on how best to recover the British economy, due to the ongoing cost of living crisis.

Mr Francois told Talk TV: “Well look Liz has said in fairness that we should have a very near-term budget in weeks.

“But the reason that she has said that is a different circumstance from 2010.

“The reason she has said that is because the Bank of England are now predicting that we could go into recession.

“We’ve had a very slight dip in growth in the quarter that has just gone.

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“And Liz believes that we can avoid that recession by having targetted tax cuts and really putting booster rockets under the British economy.

“So she does want to have an early budget, not because we’ve run out of money but because we need to stop the economy going into recession.

“And she has made that very clear, and I believe you cannot tax your way out of recovery from the pandemic, you can only grow your way out, of recovery from a pandemic.

“So for instance to increase corporation tax by 6% as Rishi proposes, but Liz opposes clearly will not encourage growth, only have the opposite effect, so Liz does want to have an early budget, but to stop the economy from going into recession.

“Gordon Brown it was a very different circumstance.

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Chief executive at the Joseph Rowntree Foundation, Paul Kissack said: “People are already selling their possessions, taking on risky debt and building up arrears they may never be able to pay back.”

“And things are about to get far worse.”

“Planning for a substantial support package needs to start immediately.”

“Without it, vulnerable people will face a catastrophe on a vast scale when winter sets in.’

“The consequences of sitting idly by are unthinkable.”


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