only conservatives understand that successful economies need to be lightly taxed if they re going to be dynamic and innovative. you say that, and yet they keep going up. yes, because we have a very exceptional situation. we had a once in a century pandemic we ve had the fuel price hikes, caused by vladimir putin. you are a tax raising chancellor, presiding over a recession and government spending not what you hoped it would be. do you have any hope of winning the next election? conservatives win elections when they re trusted with the economy, and what you ve seen today is a conservative chancellor outlining a very difficult path that gets us through this crisis. a grim picture, which many will conclude feels more grim, courtesy of today s announcements. but the government wants to try to convince you it s still not as bad as it might have been without their decisions today. chris mason, bbc news,
when you might be gone. i have been accused i when you might be gone. i have been accused of i when you might be gone. i have been accused of many i when you might be gone. i have been accused of many things, . been accused of many things, but ducking difficult decisions? ., decisions? postponing some of them. a conservative i decisions? postponing some of. them. a conservative chancellor standinu them. a conservative chancellor standing up them. a conservative chancellor standing up in them. a conservative chancellor standing up in the i them. a conservative chancellor standing up in the house i them. a conservative chancellor standing up in the house of i standing up in the house of commons and saying they re going to be £25 billion of tax increases, that is facing up to difficult decisions, but it is facing up to them in a balanced way that recognises that for the next 18 months we are going to be in recession. can the next 18 months we are going to be in recession. to be in r
fuelled by food and energy prices. essentially, the surging cost of living is squeezing household budgets leaving many people struggling. 0ur uk political correspondent rob watsonjoins me now. you are a tax raising chancellor presiding over a session in government spending that what you hoped it would be. do you have any hoped it would be. do you have any hope of winning the next election could conservatives win elections when they are trusted with the economy. when they are trusted with the econom . r . when they are trusted with the economy- when they are trusted with the econom . . ., i. , economy. and what you re seeing toda is a economy. and what you re seeing today is a conservative economy. and what you re seeing today is a conservative chancellori today is a conservative chancellor outlining a very difficult path that gets us through this crisis. the chancellor that is speaking to our political editor. let s go to our political editor. let s go to our political editor. l
situation. we had a once in a sentry pandemic. we had the fuel price hikes caused by vladimir putin. you are a tax raising hikes caused by vladimir putin. you are a tax raising chancellor presiding over a recession and government spending not what you hoped it would be. do you have any hoped it would be. do you have any hope of winning the next election? conservatives win elections when they are trusted with the economy. and what you have seen today is a conservative chancellor outlining a very difficult path that gets us through this crisis. abs, very difficult path that gets us through this crisis. very difficult path that gets us through this crisis. a grim picture which many through this crisis. a grim picture which many will through this crisis. a grim picture which many will conclude - through this crisis. a grim picture which many will conclude feels i through this crisis. a grim picture i which many will conclude feels more grim courtesy of today s announcements. but the
and more more and more money and drag more and more people into tax and you get more and more people into tax and you get more and and more people into tax and you get more and more revenue. he handed out a very more and more revenue. he handed out a very small more and more revenue. he handed out a very small proportion of the extra revenue with his 1p off the income tax rate revenue with his 1p off the income tax rate which is coming in in 2024 and the tax rate which is coming in in 2024 and the fiscal drag effect, the effect and the fiscal drag effect, the effect of and the fiscal drag effect, the effect of high inflation bringing more effect of high inflation bringing more and more people into tax means even by more and more people into tax means even by the more and more people into tax means even by the middle of this decade, even even by the middle of this decade, even once even by the middle of this decade, even once the cut in income taxes in place. e