Rishi Sunak announces tax cuts for big businesses amid cost of living crisis

'So Rishi Sunak’s “three-point plan to help with the cost of living” seems to consist of a clear commitment to tax cuts for big business, while “standing ready” to help the rest of us at some other time.'

Chancellor Rishi Sunak

The chancellor, Rishi Sunak, has told big businesses that he will cut their taxes as millions of ordinary families up and down the country struggle with the cost of living crisis, with inflation hitting a 40 year high.

Meanwhile, he has thus far refused to intervene on the side of working people as families are hit with their highest tax burden since the 1940s.

Sunak told the CBI conference that the government will cut the tax rates on business investment in the autumn, while refusing to outline a package of support for the rest of us. Instead, he called for more investment and innovation to grow the economy.

He told the conference: “Government action can only take us so far. We need you. The wealth creators. The entrepreneurs. The leaders.

“We need you to invest more, train more, and innovate more.

“And as I’ve said previously, our firm plan is to reduce and reform your taxes to encourage you to do all those things.

“That is the path to higher productivity, higher living standards, and a more prosperous and secure future.”

The chancellor refused to outline any new measures to help with rising household costs, ignoring Labour’s calls for an emergency budget.

Sunak’s decision to tell big businesses he was on their side rather than on the side of ordinary families, led to some strong criticism.

Adam Bienkov, political editor of Byline Times tweeted: “So Rishi Sunak’s “three-point plan to help with the cost of living” seems to consist of a clear commitment to tax cuts for big business, while “standing ready” to help the rest of us at some other time.”

Another twitter user wrote: “This is @RishiSunak’s response to the cost of living crisis. Speaking to big business leaders last night he said “never, ever doubt we are on your side”. As for the rest of us: shop smarter, work more and get a better paid job. It’s your fault, not there’s.”

Basit Mahmood is editor of Left Foot Forward

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