Budget 2021: ‘Gordon Brown could’ve given it’ says expert
Chancellor Rishi Sunak has been criticised over the huge sums of money ditched out in the Autumn Budget. While reviewing the Treasury's recently announced £150 billion worth of spending plans, GB News Economics and Business editor Liam Halligan declared: "This was a budget that Gordon Brown could have given!" He went on to warn that tax hikes were "coming down the track," for Britons.
Mr Halligan told GB News: "This was a Budget that Gordon Brown could have given.
"There was very little in it that a Labour Chancellor wouldn't have been proud of, to be honest with you.
"A huge £150 billion increase in spending, lavishing lots more money on the NHS, an increase in the minimum wage for the two and a half million or so workers who are on the minimum wage.
"And yet at the end of this speech, the Chancellor came out with lots of rhetoric that suggested he didn't really believe in what he was doing.
JUST IN: Brexit: Boris could be set to compromise with EU over ECJ role
GB News Economics and Business editor Liam Halligan
"I want a smaller state, it is my aim to lower taxes and yet he's expanded the size of the state, big time and he's increased taxes during this pandemic, of course.
The GB News presenter continued: "But so much of what he said today was predicated on one number buried in this document and that number is 6.5 percent.
"6.5 percent is the new growth assumption for the UK economy this year up from 4 percent which was the growth assumption which the independent Office of Budget Responsibility came out within March.
"If we do grow by 6.5 percent, the economy will generate the tax revenues that will pay for all these lavish spending commitments that the Chancellor has made today, which mean lots of people want him to be Prime Minister because he's splashing the cash.
Budget 2021: Rishi Sunak mocks Labour with 'red flag' jibe
"If that growth doesn't happen, the tax revenues won't be there.
"He's then got the choice of borrowing more, which means interest rates will go up and then lastly, pay more into interest or increasing taxes.
"And there are already lots of tax hikes in the pipeline coming down the track.
"He didn't talk about them today too much, but they are going to come and they've been pre-announced and they particularly impact business."
Insulate Britain LIVE: Mayhem across England as roads blocked [LIVE]
Queen health latest: 'Worrying news' as monarch ordered to rest [UPDATES]
Inside Clarence House - Camilla and Prince Charles' grand London home [REVEAL]
UK National Debt
Earlier on Wednesday Sky News's Beth Rigby spelled out the hidden tax rises in Rishi Sunak's Budget, outlining the cost Britons will face once the measures are implemented.
She explained: "VAT is going to go up 4 billion and then 9.3 billion per year for the next two years.
Council Tax, if you look at the office for Budget Responsibility, is going to go up to 12.1 billion up 33 percent From now, by 2026/27.
"So I think when we drill into the numbers, Rishi Sunak talks a lot about the big giveaways and a lot about the spending and a lot about cots around alcohol and fuel duty, but in it, are there more tax rises for people."