How the Treasury is still trying to fix the fallout from Liz Truss's mini-Budget 🔴HugoGye + ChaplainChloe
Mr Johnson said: “It looks like we’re in for a year of stagnation. There may be slight growth or a slight contraction, but the main thing people will notice is that they are worse off, as incomes are going to rise less quickly than prices for most people.
But the Chancellor defended his approach and insisted that it would be wrong to start cutting taxes in a bid to stimulate growth. He said: “Inflation is a stealth tax that is the biggest threat to living standards in a generation, so we support the Bank’s action today so we succeed in halving inflation this year.”
Mr Johnson suggested one of the best tools available for the Government to try to stimulate meaningful growth in the medium and long term are the planning reforms which have been shelved due to opposition among Tory backbenchers.
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