Tuesday 24 May 2022 09:43 AM Government tax take soars 12% year-on-year to £50bn in April trends now
Boris Johnson is holding a crisis Cabinet on the cost of living today as new figures showed the government tax take soaring 12 per cent year-on-year.
The Treasury raked in £50.2billion in April - £5.5billion higher than the same month last year after the national insurance hike came in.
The figures will heap pressure on the PM to announce more help for families struggling to get by as inflation spirals. Official figures also revealed this morning that the cost of the £150 council tax rebate trumpeted by Rishi Sunak previously has already been clawed back from other local government spending.
However, there is little sign that a fresh package of support is imminent, with squabbling between ministers over whether to impose a windfall tax on the surging profits of energy firms and Tory calls for immediate tax cuts.
There are claims today that the Chancellor is drawing up a levy that would target renewable electricity generators as well as oil and gas producers to increase the revenue raised.
Meanwhile, the Treasury and Downing Street have struck different stances over the idea of restoring the £20-a-week uplift to Universal Credit. No10 insisted yesterday that nothing is off the table, while Chief Secretary Simon Clarke dismissed the prospect.
The Treasury raked in £50.2billion in taxes in April - £5.5billion higher than the same month last year after the national insurance hike came in
Boris Johnson (right) and Rishi Sunak (left) are under huge pressure to come up with a new package of help for the cost-of-living crisis
Inflation has already soared to its highest level for 40 years, at 9 per cent in April, due to eye-watering increases in energy tariffs, and is forecast to reach double-figures by the end of the year before falling back.
The Office for National Statistics (ONS) said government borrowing, excluding state-owned banks, stood at £18.6billion last month – lower than forecast and down by £5.6billion from a year ago.
The figure was still the fourth highest April borrowing since records began and
