Following the Chancellor’s u-turn on plans to scrap the 45p rate of income tax Finance Minister, Conor Murphy has cautioned against any return to austerity.
Commenting on the Chancellor’s statement, Minister Murphy said:
“The Chancellor’s decision to reverse this tax break for the super-wealthy is the right thing to do. Along with my counterparts in Scotland and Wales I have been calling for the immediate reversal of this indefensible decision.
“However a completely different approach is required if the Chancellor is to mitigate the economic turmoil created by his mini-budget.
“With no credible plan to fund his programme of tax cuts which largely benefit the well-off there is a fear that there will be a return to austerity measures. That would only add to the hardship being faced by people and small businesses.
“The Westminster Government should instead increase Social Security benefits to support low income households with the higher costs they will face this winter.
“Public services are under huge pressure with rising prices, energy costs and the impact of inflation eroding available funding. Additional funding must be provided to enable continued delivery of public services, and a fair pay rise for public sector workers.
“The mini-budget is already set to increase mortgage costs for thousands of homeowners.
“A completely different approach must be adopted by the British Government if people are to keep their homes warm and if businesses are to keep their lights on.”
Meanwhile Sinn Fein Vice-President Michelle O'Neill has today (Tuesday 4 October) called for the introduction of a Windfall Tax on regular companies. She said:
"It is abhorrent that people’s gas and electric bills have again been hiked, while big energy companies celebrate record profits.
"Enough is enough.
"Sinn Féin wants the introduction of a Windfall Tax, to slash the eye-watering profits of big energy companies and support people."