CHANCELLOR Jeremy Hunt will today draw election battle lines on the economy, warning that Labour will put up taxes “as sure as night follows day”.
In a major speech, he will warn voters not to trust Labour “lies” on taxation.
It comes amid claims Sir Keir Starmer’s party already has a £12billion black hole in its spending plans.
Mr Hunt will also point out that, in a recent lecture, Shadow Chancellor Rachel Reeves did not mention reducing the tax burden once.
He will say: “With no plans to pay for their spending pledges, taxes will go up under any future Labour government as sure as night follows day.
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“And taxes will go down under a Conservative government because we will do the hard work necessary to keep our economy competitive.”
Mr Hunt will take aim at Labour’s “playground politics” for attacking tax rises that paid for schemes such as furlough — which they backed.
He will say: “Conservatives recognise that whilst those tax rises may have been necessary, they should not be permanent. Labour do not.”
Mr Hunt is expected to use the speech to signal he hopes to reduce National Insurance.
He said the ultimate aim is to continue cutting NI until it is eliminated, but only “when it is affordable to do so”.
Mr Hunt’s speech comes the day after Labour leader Sir Keir Starmer put economic stability at the heart of his bid for Downing Street.
But Tories claim voters face plugging a £12billion black hole to pay for Labour’s green energy plan.
The row centred on an interview given by Shadow Cabinet Minister Steve Reed, who was asked if he agreed with the Trades Union Congress that Labour’s “Great British Energy” company plan could cost £82billion.
Mr Reed told LBC: “It may well be.”
The public will fund 25 per cent of the scheme, which comes to £20billion.
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Labour has budgeted £8.8billion — leaving a £12billion gap.
Energy Security Secretary Claire Coutinho said: “Keir Starmer needs to explain which taxes they would raise to pay for this.”
Labour said Mr Reed “misspoke”.
The party said: “The cost of GB Energy is £8.3billion, fully funded by our windfall tax on the oil and gas giants making record profits.”
