Tax cut pledges by Tory leadership hopefuls ‘risk stoking inflation and inequality’
The scale of tax cuts promised by Conservative leadership hopefuls would blow a hole in the public finances and could lead to rampant inflation, Tory opponents and economists have warned.
Nadhim Zahawi, who took over as chancellor last week, used a leadership speech on Monday to announce tax policies that would cost an estimated £50bn a year, almost as much as the combined budgets of the Ministry of Defence and Foreign Office.
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