Chancellor Philip Hammond slams Boris Johnson’s economic promises of big tax cuts and faster broadband
PHILIP Hammond has blasted Boris Johnson for promising big tax cuts and faster broadband with money he does not have.
The Chancellor said he was disappointed that only one candidate – Rory Stewart – has agreed to his demand for sensible spending plans in the Tory leadership race.
He said: “I’ve expressed my concern that inevitably any contest of this nature invites candidates to bid against each other with money they don’t have.
“I would urge all candidates to be cautious.”
Mr Hammond agreed it was a “noble ambition” to give full-fibre broadband to every home within five years, nine years ahead of the Government’s 2033 target, but added that the roll-out cannot go faster than is “technically sensible”.
NATIONAL DEBT PLEDGE
Speaking on Monday at an event in the Mansion House, City of London, he said that he had written last week to every candidate to commit to keep national debt falling each year if they become Prime Minister, and not let the deficit rise as a share of national income.
“It is a disappointment to me that only one of the candidates remaining in the race, Rory Stewart, has actually signed up to that pledge.
“I would urge the other candidates to do so, to reassure the public that our hard-won reputation for fiscal responsibility is not going to be squandered during the course of this competition.”
It came after Mr Johnson was accused of trashing Britain’s hard-won economic recovery by ex-Treasury chief secretary David Gauke.
In an astonishing blue on blue attack, the Justice Secretary said whoever becomes Boris’ Chancellor will be engaging in a “noble act of self-sacrifice” given the borrowing binge.
Mr Gauke - who is backing Mr Stewart - said: “I’m the last person to want to curtail the leadership race. But every Telegraph column by Boris Johnson increases borrowing by billions.
“If Boris wins, good luck to whoever becomes his Chancellor.”
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