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.
Main tasks of the day
Find the best jobs now
Will be notified by email.
Further: Even arch-conservative circles are reassessing Brexit: five lessons from the chaos in Great Britain
“Friend of animals everywhere. Web guru. Organizer. Food geek. Amateur tv fanatic. Coffee trailblazer. Alcohol junkie.”
More Stories
British PM: Border security more important than international courts
USA vs Germany Live on Free TV and Stream: Ice Hockey World Cup 2024
Asylum deal with Rwanda: Botswana rejects asylum claims from Great Britain