After the Bank of England’s latest increase of interest rates to 5.25% and indication that these will rise further to counteract inflation, Conservative MPs are placing pressure on Prime Minister Sunak to support the UK economy.
Former cabinet minister and current Conservative MP John Redwood said that "targeted tax cuts would be extremely helpful" from the Treasury but said his main criticisms were directed at the Bank for lurching from low interest rates creating inflation to rates that "cause a housebuilding collapse and manufacturing recession".
UK businesses, including thise in the motorsport sector, are facing increased tax bills due to the rise in Corporation tax rates from 1 April 2023.