Boris Johnson is likely to have to break his manifesto pledge not to raise income tax, VAT or national insurance to help repair Britain’s coronavirus-ravaged finances, economists have said.
During the general election Mr Johnson promised to retain the triple lock on tax increases, severely limiting the government’s room for manoeuvre as it seeks to stabilise national debt. The Institute for Fiscal Studies (IFS) said that the government would need to find £40 billion worth of savings or tax rises.
Rishi Sunak, the chancellor yesterday declined to say that he stood by the triple lock on taxes, adding that he would not discuss future fiscal policy. By contrast,the prime minister’s official spokesman said that Mr Johnson stood by the manifesto pledge on the tax
