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True

Inflation surge threatens Truss’s tax cut plans, says IFS
Government’s benefits, pensions and borrowing bills expected to soar next year

Taxes also surge with inflation – fiscal drag. The balance might not be all that terrible……

4 thoughts on “True”

  1. Tax receipts would surge with wage inflation or asset price inflation (CGT, stamp duty). But wages aren’t rising, and asset prices are falling.

  2. Apart from myself, I have only heard one person (Julia H-B) mention that the government has vastly increased the VAT take from petrol…..

  3. If the finances look rocky, just sack some civil servants. Cheaper to provide them with unemployment benefit than a salary. And we have plenty of fat to trim.

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