Margaret Thatcher's chancellor backs Rishi Sunak reforms

Lord Lawson said Mr Sunak’s tax plans were a “coherent and prudent approach to improving the attractiveness of doing business in the UK”. He added: “Mr Sunak has refused to embark on [Jeremy] Corbynstyle, debt-fuelled expenditure.

“Guided by the principles of Thatcherism, he has commendably set out plans to ensure that this generation pays its own way, rather than saddling the next generation with greater debt.”

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