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Wednesday, December 07, 2022

Rishi Sunak to approve tax hike in UK

Rishi Sunak to approve tax hike in UK

This Monday the head of the British government held a meeting with Jeremy Hunt, the Chancellor of the Exchequer of the United Kingdom, and they agreed to a tax hike, according to reports from witnesses to the meeting cited by British media.

In connection with the meeting, the Financial Times indicated that sources interested in the Treasury confirmed they would raise taxes for all citizens.

“For those with the biggest shoulders” they will be asked to carry the largest load”, said a source on what the Prime Minister of the United Kingdom said, referring to the fact that the increase will be higher for those with higher incomes.

With the increase in taxes they want to cover loss 50 billion pounds sterling (1.13 billion pesos) in public finance.

The Treasury official noted that “it would be stand” and “the truth is that everyone has to contribute more in taxes to maintain public services”.

There will also be costs to be paid by the United Kingdom to “hundreds of billions of pounds sterling” during the COVID-19 pandemic and to stem the rise in electricity bills.

The previous prime minister, Liz Truss, resigned weeks later because of problems with public finances, as she proposed tax cuts to stimulate the economy, plunging markets and fearing a potential major crisis.

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