Margaret Thatchers chancellor backs Rishi Sunak reforms

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Tory grandee Nigel Lawson, 90, backed Mr Sunak’s “longterm tax reform” – and warned Liz Truss’ plans could repeat the spiralling inflation of the 1970s.

He said: “We saw the impact of rising prices, crippling the economy and putting millions out of work. I am profoundly concerned that we are in danger of repeating the mistakes of that decade.

Lord Lawson said Mr Sunak’s tax plans were a “coherent and prudent approach to improving the attractiveness of doing business in the UK”. He added: “Mr Sunak has refused to embark on [Jeremy] Corbynstyle, debt-fuelled expenditure.

“Guided by the principles of Thatcherism, he has commendably set out plans to ensure that this generation pays its own way, rather than saddling the next generation with greater debt.”

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