Ian Blackford has accused Liz Truss of "ignoring the damage and the chaos" of her mini-budget that plunged the markets into turmoil due to her unfunded tax cuts.
Scots Tory secretary claims Liz Truss's tax cuts are 'small' as he takes swipe at the BBC
30.09.2022 - 11:33 / dailyrecord.co.uk
Alister Jack has claimed the biggest tax cuts in the United Kingdom since 1972, funded by £72 billion a year in borrowing, are "small".
The Scottish Secretary hit back at claims the Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are hurting the economy following the mini budget last Friday by attempting to blame the BBC for some of the criticism over the last week.
Kwarteng announced his changes to National Insurance and Income Tax in England, Wales and Northern Ireland which cut the main rate by 1p and axed the 45p top rate by 5p.
It means a £1m earner saves £55,000 a year - but a £25,000 earner just £283 a year, according to the Resolution Foundation found.
On top of that there are huge tax breaks for business, the bankers’ bonus cap was scrapped, and corporation tax and Stamp Duty were also cut.
Since the announcement the economy has plummeted which led to the Bank of England having to step in to save pensions on Wednesday afternoon.
Jack, MP for Dumfries and Galloway, attempted to blame the shock on the economy solely on the Ukraine war while saying the massive tax cuts were "small".
He told Good Morning Scotland: "Due to Putin's illegal war, we know that we have high energy costs. We know there's been restriction on supply of oil and gas and the net result of that is that we've had to take interventions and react.
"Just be clear that has been inflationary and irrespective of a small proposed cuts in tax in terms of the overall picture, the big picture, the big response is the energy response.
"The big response is the energy response, irrespective of that we were going to see is mortgage costs and interest rates go up - they already have been going up. That inflation has been brought forward by Putin's illegal
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