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Rishi Sunak faces calls to cut taxes as treasury rakes in additional £24m per DAY due to rising prices

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Rishi Sunak faces new calls to cut taxes as treasury rakes in additional £24m per DAY due to rising prices

  • Chancellor charged with ‘cash’ by refusing emergency tax cut
  • New figures show the Treasury is raising £422 million a day in VAT
  • The Lib Dems say £23.5m is due to rising prices in the cost of living crisis

Rishi Sunak faces fresh calls to cut taxes after it emerged that the Treasury is raising an additional £24m per day amid rising prices.

The chancellor was accused of “playing on the people’s misery” by refusing to implement an emergency tax cut at a time when inflation is soaring to nine percent, leaving the country in the throes of a cost of living crisis.

Last month, Mr Sunak announced he would help pay domestic fuel bills, but campaigners say this is not enough.

Analysis by the Lib Dems found that the Treasury receives £422 million in VAT every day – £23.5 million as a result of higher prices.

Chancellor Rishi Sunak faces calls to cut taxes after it emerged Treasury is taking an extra £24m a day amid rising prices

The Office for Budget Responsibility, the official public finance watchdog, predicts it will bring in an additional £8.6bn this year.

In March 2021, the forecast was £145.6 billion, but a year later it rose to £154.2 billion. This suggests that the Treasury will raise an additional £23.5 million per day on average.

Conservative MPs voted in favor of a Lib Dem proposal to cut VAT to 17.5 percent, which would have saved an average family £600 a year.

Treasury Department spokesman Christine Jardine said: “It can’t be true that the Chancellor is in control as millions of families and retirees struggle to make ends meet.

Every day that goes by without a VAT cut means this conservative government is profiting from rising prices and cashing in on people’s misery.

“An emergency cut in VAT would put this money straight into people’s pockets at a time when those pockets don’t go deep.”

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