Labour proclaims ‘Tory tax bombshell’ as chancellor says 2015 election promise has hampered ability to bring down deficit
Philip Hammond has given a strong hint that the Conservatives may ditch their pledge not to raise VAT, national insurance or income tax, saying the flagship 2015 policy had constrained his ability to manage the economy.
The chancellor, who was recently forced to drop an attempt to raise national insurance for the self-employed, suggested the tax lock had hampered the government’s drive to reduce Britain’s budget deficit.