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Liberal Democrats call for an Emergency Budget

May 17, 2022 2:13 PM
Originally published by East Midlands Liberal Democrats
Emergency budget: £38m tax bill for every day of inaction
  • Every day without an emergency budget costs the squeezed-middle £38 million extra in taxes

  • Households pay extra £1.6 million in tax for every hour Parliament debates Queen's Speech

  • Lib Dem MP calls the debate "the most expensive waste of time by Parliament I have ever known"

Analysis by the Liberal Democrats has found the additional tax hikes introduced by this Conservative Government is costing households £38 million a day.

The figures come as Michael Gove denied the Government would be introducing an Emergency Budget this week despite hints from the Prime Minister in Parliament yesterday.

Today, Parliament will be debating the Queen's Speech, yet hard-pressed families will be forking out an extra £1.6 million per hour in tax hikes. These tax increases include the hit from National Insurance Contributions increasing and the Government freezing the income tax thresholds, which impacts the squeezed-middle.

The Liberal Democrats are calling for an Emergency Budget to slash VAT which would save the average family £600 a year.

Liberal Democrat Treasury Spokesperson Christine Jardine MP said:

"The squeezed-middle are drowning in tax hikes and spiralling energy bills yet Rishi Sunak is nowhere to be found.

"Imagine watching the news today and seeing MPs talk for hours on end about a bunch of new laws that will not save you a single penny. This is the most expensive waste of Parliament's time I have ever known. Every second that ticks by ratchets up the tax bills for hard-pressed families.

"Now is the time for an emergency budget to slash taxes and save hard-pressed families on the brink. Dark clouds are looming over our economy and every day of inaction from this Chancellor will force more people to make the heartbreaking decision between heating and eating."