Avoid the tax trap

THE price tag for tackling the coronavirus pandemic is eye-watering, with Britain on course to borrow £1.2trillion by 2025.

Rishi Sunak says he’s eager to plug this financial black hole. That’s reassuring. But when asked how by MPs he refused to rule out tax rises. That’s not encouraging.

Yes, tough choices must be made. But the Tories should be a byword for low taxes. We know Downing Street is shunning austerity. And sadly, there’s no intention of tightening the nation’s belt by scrapping such preposterous and expensive pledges as ring-fenced overseas aid.

But punishing personal and corporate levies are not the answer. They not only stunt economic growth and crush job creation, but are also profoundly counterproductive. Rather than increase the overall take, they frequently reduce it.

And instead of being fleeced here, wealth creators simply take their talents elsewhere, making this country less productive.

Had the electorate wanted taxing until the pips squeaked, they’d have voted for Jeremy Corbyn. The Chancellor should know to avoid this Left-wing ideology.

Lower taxes will sow the seeds, enabling Britain to grow its way out of debt.