Jacob Rees Mogg delivers a scathing attack on Rishi Sunak on the UK economy | Politics | news

Jacob Rees-Mogg renewed his attacks on former Chancellor Rishi Sunak and brutally dismantled the policies he was pursuing to restart the economy in the wake of the coronavirus pandemic. Mr Rees-Mogg attacked Mr Sunak over rising Social Security contributions, claiming that targeting companies could have an adverse impact on the general public. Speaking to GB News, the Brexit Opportunities Minister said: “I share the concern about the tax burden.

“I thought the increase in Social Security was a mistake. I have strongly argued against it.

“I thought that was a mistake, and I think traditional treasury thinking has been consistently wrong.

“For 2021/2022 the Treasury estimated the deficit would be £106billion worse than it actually was.

“Tax revenue was above expectations and some spending was below and we had these increases in tax rates based on a shaky OBR forecast.”

He continued: “We then had this absolutely insane corporate tax hike on the basis that hitting companies is free.

“Well, it’s not that. If you collect corporation tax, companies investing in the UK need a net margin.

“They will not invest without being able to meet or exceed that net margin. You limit wage increases or the increase in prices, so you contribute to inflation problems.

“And there was this ridiculous idea at the Treasury Department that it’s free to beat big companies, it doesn’t hurt people – of course it does, it hurts the very consumers who are struggling with the cost of living right now.”

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Mr Rees-Mogg has harshly criticized Rishi Runak since his resignation from cabinet led to the collapse of Boris Johnson’s government.

The Johnson loyalist slammed the former chancellor for ship jump when he insisted he would not be willing to work in a Sunak government.

He said: “I think his behavior towards Boris Johnson, his infidelity, means I cannot possibly support him. He wouldn’t want me in his cabinet anyway.

“I could not support someone in the cabinet who was so disloyal to the current party leader.

“Anyone who is collectively responsible should also adhere to it in the cabinet.”

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He added: “I think as chancellor he made more left-leaning decisions than right-wing ones, that he was a tax-raising chancellor.

“I didn’t support the decisions he made, I thought we should have been more concerned with keeping spending under control rather than raising taxes.

“I think the corporate tax hike is bad for business, bad for investing in the UK.

“The increase in Social Security hits employers just after we get out of the Covid problem and makes life harder for workers when we are in the midst of a cost of living crisis. I think those were bad tax hikes.”

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