Soaring prices add £23.5m a day to tax take

The Treasury is pulling in an extra £23.5m a day because of soaring prices, with analysis by the Liberal Democrats showing that the Treasury is receiving £422m every day from VAT and £23.5m of this comes as a result of higher prices. The Office for Budget Responsibility forecasts it will bring in an extra £8.6bn this year. Lib Dem Treasury spokesman Christine Jardine has urged Rishi Sunak to cut taxes as a result, saying: “It can’t be right that the Chancellor is raking it in hand over fist while millions of families and pensioners are struggling to get by.” She has accused the Government of “profiting from soaring prices and cashing in on people’s misery” and argues that an emergency cut to VAT “would put this money straight back into people’s pockets at a time when those pockets don’t run deep.”

 

 

Daily Mail

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