“We have got to cut taxes to get out of this downturn,” says CBI president Lord Bilimoria, the outgoing president of the Confederation of British Industry (CBI), has warned that Britain is definitely heading for a recession following the latest inflation data from the Office for National Statistics. In an interview with the Telegraph, Bilimoria says the answer is to cut taxes - more fuel duty cuts and VAT should be cut back from 20% to 5% again for hospitality, replicating the pandemic measure that was restored in April. “The danger of not helping is far worse than the cost of helping,” he says, warning of more “failing businesses and bankrupt individuals” in a deeper recession. The Chancellor needs to stop making the situation worse, Lord Bilimoria continues: “To have the highest tax burden in 70 years I think is absolutely wrong.” It is also wrong to put up corporation tax “in one swoop” from 19% to 25% while the 2.5% increase in National insurance is a tax on jobs – also the wrong thing to do. “This is the time we have got to cut taxes to generate investment and generate growth, because that is what is going to get us out of this.”