Senior Conservative MP Damian Green has urged tax cuts ahead of today’s Queen’s Speech.

Green, who previously served as first secretary of state, said chancellor Rishi Sunak ought to launch plans to slash taxes as the cost of living soars.

In March the government announced tax hikes worth 2 per cent of GDP over just two years.

Last week the Bank of England said inflation was likely to hit 10 per cent by December as energy prices soar and the cost of living climbs.

Wages are also set to slump by 0.25 per cent in 2023.

Speaking with BBC Radio 4’s Today programme this morning Green explained: “I absolutely accept the underlying logic that millions of people need some help at the moment and I think the Government should go through a two stage process of working out how much we can sensibly afford to do it and then actually as a Conservative government, it would be a more Conservative way to help people… to cut taxes, particularly aimed at those at the lower end of the economic spectrum and perhaps do things like increase the amount of Universal Credit that people keep themselves as they get pay rises.

“Rishi Sunak did that at a recent Budget. Doing that again so that people could keep even more of their own money I think would help a lot of people that are struggling.”