Summer economic update reaction: Sunak's 'moment in the sun' but a 'tax-grab' to come

‘Today’s measures seem to give with one hand, while taking away with the other’

In the wake of Rishi Sunak’s summer economic update, industry professionals have praised the “financial policy innovation” and “spirited” response but are wary of “only a cursory nod” to balancing the books in the Autumn.

The announcement was "all about spending and stimulus", according to Rachael Griffin, tax and financial planning expert at Quilter, from a government "keen to cast Labour as the party of ‘tax,tax, tax'", but noted that Sunak will struggle to repair public finances "without either raising taxes or curbing tax reliefs". "For the time being he can enjoy a moment in the sun, with a jobs plan, giveaways to homebuyers and subsidised meals… but come the autumn, the Treasury will have to confront some hard truths and the Chancellor already knows he will have to land some difficult messages." ...