For immediate release
Responding to the Office for National Statistics' release of the public sector finance statistics for April, John O'Connell, chief executive of the TaxPayers' Alliance, said:
"Government borrowing is now breaking records thanks to this crisis, with this being the largest proportionate annual increase in debt since D-Day.
"Tax revenues are down by a quarter and spending up by more than half on last year. The government has borrowed more in one month than it did in the five months following the 2008 bailout. Back then, the recovery was slow, stilted and unevenly distributed. This time, Britain has to bounce back better.
"Attempting to tax away a fiscal deficit driven by the deepest slump in living memory would be crazy. Priority one must be to get the economy back up and running, with tax cuts on jobs and investment being the only way to power us towards growth again."
TaxPayers' Alliance spokesmen are available for live and pre-recorded broadcast interviews via 07795 084 113 (no texts)
Media Campaign Manager, TaxPayers' Alliance
24-hour media hotline: 07795 084 113 (no texts)
- Founded in 2004 by Matthew Elliott and Andrew Allum, the TaxPayers’ Alliance (TPA) fights to reform taxes, reduce spending and protect taxpayers. Find out more about the TaxPayers' Alliance at www.taxpayersalliance.com.
- TaxPayers' Alliance's advisory council.
- In March, the TaxPayers’ Alliance released a statement on the coronavirus.
- The TaxPayers' Alliance recently analysed historic debt levels since 1700.