“But of course, as Conservatives – and I know the Prime Minister and the Chancellor share this view with me – we must first cut spending and eliminate waste, overspending and only go for tax increases if it’s a last resort. “But given the difficulties in public finances, there is likely to be a combination of the two.” An adviser to two former Tory chancellors at the weekend urged Mr Sunack to stop “obsessing” over the size of the tax burden. Tim Pitt has warned that the Tories must abandon “half-baked” Thatcherism, adding: “The Chancellor should consign to the history books the trusonal nonsense that raising taxes is anti-Conservative.” The report was published by the think tank Onward, whose founder, Will Tanner, recently started working as Mr. Sunak’s deputy chief of staff.
