Telegraph: the UK government planned to raise taxes by 20 billion
[ad_1]
The UK Treasury is budgeting for a £20bn tax hike. This is reported by The Telegraph, citing its sources.
According to the publication, Treasury Secretary Jeremy Hunt expects to return the environmental fee to electricity bills, and capital gains rules will also be reformed. The new draft budget is scheduled to be approved on October 31
Earlier, after the appointment of Liz Truss as prime minister, the UK was supposed to resort to completely different methods, including tax cuts. It was supposed to abandon the excess income tax, reduce income tax and corporate income tax to 19%. Also at that time, the Ministry of Finance planned to resort to large-scale measures to stimulate the economy totaling 45 billion pounds. They wanted to do it at the expense of borrowed funds.
But on the day the plan was announced, the stock exchange panicked, and British government bonds began to rapidly depreciate. As a result, Finance Minister Kwazi Kwartenga was fired shortly after, and Prime Minister Liz Truss resigned a week later.
[ad_2]
Source link
