. He says that now is not the time for “comforting fairytales” and that cutting tax must wait. But many of his opponents have pledged deep tax cuts, which they say will put money into people’s pockets and restore economic dynamism to a country whose growth hasThanks to Mr Sunak’s actions as chancellor, by 2026 taxation is forecast to reach over 36% of British national income, the highest level since the late 1940s.
There are plenty of reasons to be sceptical that such cuts will lift Britain’s growth rate. In the short term unfunded tax cuts—those not accompanied by spending reductions—will provide some economic stimulus. But the state of Britain’s economy means they may do more harm than good.
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