According to a story in the British daily “Financial Times,” Prime Minister Rishi Sonak intends to raise taxes to close a 50 billion pound budget gap in the United Kingdom.
The British Finance Ministry’s Jeremy Hunt reportedly agreed to work in this area with the Prime Minister, according to sources in the publication.
It’s going to be rough. The truth is that everyone will have to contribute a lot about taxes if we are seeking to maintain government services.
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He added that “after lending to hundreds of billions during the Corona virus epidemic and applying widespread support to the population in paying electricity bills, we will not be able to bridge the gap in the budget by reducing expenses only.
It is noteworthy that the former British Prime Minister Liz Tarras unveiled a plan to lower taxes in late September. However, her programme was met with strong opposition, and the markets reacted by declining. As a result, the Tarras Coacte Cargo government’s Minister of Finance was fired, and later the terrace herself resigned.
It is significant that the energy crisis may cause Britain to experience the biggest drop in living standards since the 1950s.
40 years ago, the UK experienced record-high levels of inflation.
On November 17, the administration is anticipated to unveil its new tax policy.
Origin: Tas.
Newspaper: To close the budget gap, the Sonak government intends to raise taxes.
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