Updated figures from the Office for National Statistics showed that business investment grew 9.2% over the year to June, an upward revision from 6.7%. That helped the UK economy close a gap with Germany, France and the US.
While Sunak has campaigned saying he wants low taxes, the Institute for Fiscal Studies on Friday released a report showing that the tax burden on the UK during the session of Parliament from 2019 to the next election will increase more than any other period on record. “Taxpayers are being bled dry to fund an unprecedented cost of government crisis, and there seems to be little hope of respite,” said John O’Connell, chief executive officer of the TaxPayers’ Alliance, said. “Ministers must get serious on spending to give struggling Brits a break and reverse this grim trajectory.”