Jeremy Hunt blasts Rachel Reeves’ deliberate tax hike | Politics | News | EUROtoday

Jeremy Hunt has slammed Rachel Reeves’ determination accountable the Tories for inevitable Labour tax rises regardless of development within the financial system.

Gross home product (GDP) elevated by 0.6% between April and June, the Office for National Statistics (ONS) mentioned.

Jeremy Hunt MP, Shadow Chancellor of the Exchequer, mentioned: “Today’s figures are yet further proof that Labour has inherited a growing and resilient economy.

“The Chancellor’s attempt to blame her economic inheritance on her decision to raise taxes – tax rises she had always planned – will not wash with the public.

“Labour promised over 50 times in the election they would not raise people’s taxes and we will hold them to account on their promises.”

Britain’s financial system outperformed its European rivals through the ultimate months of Rishi Sunak’s authorities because the UK lastly moved previous its recession, the official figures present.

Despite this, the Chancellor warned of “difficult decisions” to return in her October 30 funds which is about to incorporate tax rises.

Taking to X, previously Twitter, Ms Reeves mentioned: “We are under no illusion as to the scale of the challenge we have inherited from the Conservatives after more than a decade of low growth and a £22 billion black hole in the public finances.

“That’s why we are taking the tough decisions now to fix the foundations of our economy.”

Yael Selfin, chief economist at KPMG UK, informed how development was boosted by an increase in authorities spending and funding, with considerably weaker development in client spending in comparison with the earlier quarter.

Selfin added: “This comes in contrast to the first quarter of the year, which was primarily driven by rising export demand.

“After robust growth in May, a weaker June was expected, with weaker retail trade accounting for the main part of the overall slowdown in services.

“On the other hand, both the construction and manufacturing sectors showed positive growth in June despite seeing an overall decline in the quarter.

“While growth in the second half of the year is expected to slow, overall growth for 2024 could reach 1.1%, well above expectations at the start of the year.”