Summer Statement  

Economists: Sunak's spending spree 'not enough'

The £30bn worth of policies and tax cuts put forward by the Chancellor of the Exchequer today will not be enough to keep the UK economy afloat, according to experts who predict a further spending spree in the autumn Budget.

“The question remains, how on earth will all this be paid for - and when are we going to get the bill?”

Ms Coles predicted the UK could see “more pain ahead” as early as the autumn Budget as the Treasury “needed to start raising revenue”.

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Rachael Griffin, tax and financial planning expert at Quilter, agreed, adding that “come the autumn, the Treasury will have to confront some hard truths”.

There had been talk of a wealth tax to increase funds, but prime minister Boris Johnson dismissed the idea of such a levy in Parliament today, instead attempting to cast Labour as the party of "tax, tax tax".

imogen.tew@ft.com

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