Jacob Rees-Mogg renewed his attacks on former Chancellor Rishi Sunak, brutally dismantling the policies he pursued in a bid to plump up the economy following the coronavirus pandemic. Mr Rees-Mogg tore into Mr Sunak for rising National Insurance contributions and claimed targeting corporations could have a detrimental impact on the wider public. Speaking to GB News, the Brexit Opportunities Minister said: “I share concern on the tax burden.
“I thought the National Insurance increase was a mistake. I argued strongly against it.
“I thought that was a mistake and I think conventional Treasury thinking has been consistently wrong.
“For 2021/2022, the Treasury thought the deficit would be £106 billion worse than it actually was.
“Tax revenues were coming ahead of expectations, and some spending had been below, and we had these increases in tax rates on the basis of wonky OBR forecast.”
He continued: “We then had this absolutely lunatic rise in corporation tax on the basis that hitting companies is free.
“Well, it isn’t. If you put up corporation tax, companies that invest in the UK require a net margin.
“They will not invest without being able to achieve that net margin or overachieve it. They cap wage rises or the increase prices so you add to inflationary problems.
“And there was this ridiculous idea in the Treasury that hitting big companies is free, doesn’t hurt people – of course, it does, it hurts the very consumers who are struggling with the cost of living problems at the moment.”
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Mr Rees-Mogg has been heavily critical of Rishi Runak since his resignation from Cabinet resulted in the collapse of the Boris Johnson Government.
The Johnson loyalist slammed the former Chancellor for jumping ship as he insisted he would not be open to working in a Sunak Government.
He said: “I believe his behaviour towards Boris Johnson, his disloyalty, means that I could not possibly support him. He wouldn’t want me in his Cabinet anyway.
“I couldn’t support somebody who has been so disloyal to the current leader of the party from inside the Cabinet.
“If you’re bound by collective responsibility, you should stick to that whilst you’re in the Cabinet.”
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He added: “I think as a Chancellor he made decisions that were of the left rather than of the right, that he was a tax increasing Chancellor.
“I didn’t support the decisions he made, I thought we should have been looking at keeping expenditure under control, rather than raising taxes.
“I think the corporation tax rise is bad for business, bad for investment in the UK.
“The National Insurance hike hits employers just after we’re getting over the Covid problem and makes life harder for employees when we’re in the midst of a cost of living crisis. I think these were bad tax rises.”