Bangalore UK Treasury Secretary Jeremy Hunt is proposing income tax hikes to plug a 40 billion pound (45.84 billion euro) budget hole after the next election.
The Financial Times reported on Friday, citing two government sources familiar with his plan. Hunt wants to block the setting of income tax caps and allowances and extend them to the next parliament. It should generate around £5 billion a year by 2028, the Financial Times reports, citing government sources.
The finance minister is expected to postpone investment plans and rein in public spending after the next election. Elections should be held by January 2025. When asked by Reuters, the UK Treasury said it “does not comment on speculation about tax changes outside of tax events”.
Jeremy Hunt took over after former minister Kwasi Kwarteng faced criticism for his tax plans and was eventually sacked. Shortly after, the Prime Minister resigned.
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