Ms Coles suggested handing over a larger chunk of income via council tax and income tax is likely to suck demand out of the economy.
As a result, prices may drop, but with higher taxes, Britons are not likely to feel optimistic.
However, it is the cost of living which continues to present itself as a problem, even if inflation is halved as Mr Sunak promises.
Ms Coles added: “Unfortunately, lower inflation won’t automatically ease the squeeze, because falling inflation is very different from falling prices.