Minister Denounces Tax Cuts Without Inflation Reduction as a 'Betrayal' of Thatcher
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Minister Denounces Tax Cuts Without Inflation Reduction as a 'Betrayal' of Thatcher

12 June 2023
2025
2 min.
2
Minister Denounces Tax Cuts Without Inflation Reduction as a 'Betrayal' of Thatcher

Inflation Alert

Gillian Keegan, a Cabinet minister, highlights the significance of addressing inflation before implementing tax cuts. Speaking at the Margaret Thatcher Conference, she emphasizes the need for sound money and fiscal discipline.

The Importance of Inflation Control

Keegan begins by asserting that tax cuts must wait until inflation has come down. She argues that failing to address inflation first would render any tax cuts ineffective, as they would be eroded by rising prices. Drawing from Thatcher's principles, she highlights the need to prioritize inflation control and avoid increasing public sector debt and borrowing to achieve a low-tax economy.

Upholding Thatcher's Legacy

Keegan aligns herself with Margaret Thatcher's legacy, positioning her comments as a potential precursor to a future leadership bid. She emphasizes the importance of sound money and fiscal discipline in Thatcherism, rejecting the idea of pursuing tax cuts without ensuring economic stability. Keegan warns against selectively choosing parts of Thatcher's legacy while disregarding the fundamental principles that underpinned it.

Personal Experience and Lessons Learned

In this section, Keegan shares her own journey into politics, recounting her upbringing in a Labour-supporting working-class family. She describes how witnessing militant trade unions' actions and their negative impact on employment influenced her political beliefs. Keegan emphasizes the importance of making the sums add up, having strong economic foundations, and expanding markets to remain competitive against global threats.

Education and Unions

In the realm of education, there has been criticism aimed at education unions for rejecting the Government's pay offer, potentially hindering efforts to improve educational standards. While recognizing the valuable contributions of teachers, Keegan emphasizes the importance of addressing inflation for the benefit of teachers, parents, and children alike.

It is Keegan's contention that certain unions may prioritize their narrow interests above the greater good of society, often resisting measures that have demonstrated their effectiveness in enhancing educational quality and improving life chances for children.

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