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Rishi Sunak warning: Chancellor refuses to rule out tax hikes to pay for COVID-19 bailout

Mr Sunak continued: “Over the medium term, we obviously can’t live like this, everyone appreciates that, and we’ll have to return our public finances to a sustainable position over a reasonable period of time, that’s the right thing to do for the economy, not least, as we’ve seen, because things come along, and we need to be able to have the strength to respond to them.

“I will make the decisions that are required, difficult as they may be, to do that.

“I think it’s too early to say exactly what the shape of our recovery looks like, the time period over which that should happen and how it should happen, so I wouldn’t want to speculate now, but people should know I am very committed to making sure that we do that and I’m unafraid to make whatever difficult decisions are required.”

Mr Ferrari pressed his guest over tax increases, but the Chancellor insisted that he “wouldn’t want to speculate on the shape of the future”.

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