Rishi Sunak FAILS to support UK defense budget despite invasion of Ukraine

RISHI Sunak yesterday refused to support the British defense budget despite Russia’s invasion of Ukraine.

The chancellor did not donate a penny to the country’s military treasury.


Rishi Sunak refused to support UK defense budget yesterday despite Russian invasion of Ukraine
The Chancellor Has Not Invested A Penny In The Military Treasury Of The Country.


The chancellor has not invested a penny in the military treasury of the country.

He told MPs that the £24bn investment he announced last year represented “the biggest increase in defense spending since the end of the Cold War”.

He said £400 million had been sent to Ukraine “as economic and humanitarian aid”.

But Dr. Alan Mendoza, executive director of the Henry Jackson Society think tank, said: “This should have been a moment to ramp up defense spending and reverse the dangerous cuts to our military.

“The chancellor’s inability to increase defense spending will, unfortunately, be welcomed in the Kremlin.”

Live Reaction And Analysis As Rishi Cuts Fuel Duties And National Insurance
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Only one year pump exemption

The duty on FUEL was reduced yesterday by 5 pence, but the reduction in the gas station tax will last only a year.

After his announcement, Chancellor Rishi Sunak told the greedy fuel companies that they should give a share to hard-hit British motorists.

After years of The Sun’s “Keep It Down” campaign, he yesterday made “the biggest cut in fuel surcharges ever.”

It was only the second tax cut in 20 years, following an 11-year freeze. This meant £5 billion in tax cuts. He told fuel companies: “The public will rightly expect this historic reduction to be reflected in the prices shown on the forecourt.”

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Asda, Sainsbury’s and BP have committed to layoffs.

FairFuelUK’s Howard Cox said: “It may not sound like much, but for some businesses, this unprecedented reduction in one of the world’s highest tax collections means survival.

“Thanks to The Sun, the FairFuelUK campaign and the lobbying of fellow Conservatives by Harlow MP Robert Halfon, drivers have been given a breather at gas stations.”

Debt repayment record

The UK will pay £83bn in interest on the debt next year – nearly half of the entire NHS budget.

Official economists have said that the money spent on servicing our debt will double by April next year compared to forecasts just six months ago, thanks to soaring inflation. Our interest payments will reach an impressive 3.3% of GDP, the highest in 36 years.

An additional £13bn has been added since October and another £9bn will be added each year.

The UK debt is set to reach 95.6% of GDP in 2021/22, the highest level since the 1960s.

Next year, higher interest payments will offset higher tax receipts, meaning the Chancellor will have to borrow even more. The huge debt makes the Treasury’s coffers more sensitive to changes in inflation and interest rates.

Benefits of Compression

PAY and benefits for millions of Britons will be cut due to inflation hitting a 40-year high.

People will face the biggest drop in living standards since the record began as inflation is expected to rise to 8.7% by the end of the year, economists said.

Real incomes are expected to fall, while benefits are expected to rise by only 3.1%.

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There have been no additional pay increases for public sector workers such as teachers, nurses and soldiers, meaning their wages will effectively be cut as food, fuel and energy prices rise.

Paul Johnson of the Institute for Financial Studies tweeted: “No extra money for health care, schools, or other public services despite massive inflation. Most likely implies a significant reduction in real wages for most public sector workers.” And there was no increase in universal credit to reflect the grim new numbers.

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