More than two weeks ahead of a much-anticipated cabinet budget, the BBC and other Treasury media reported on Tuesday: “Everyone will have to pay more taxes in the coming years.” An unnamed ministry source spoke of a “black hole” in the tax authorities. Difficult times are coming in the country.
According to the reports, the huge expenditures caused by the corona pandemic and the huge increase in energy prices could not only be offset by austerity measures in other areas. According to information from the “Telegraaf”, half of the missing money could be financed by austerity measures and half by tax increases. This would be the opposite of the policy of short-term Prime Minister Liz Truss. The conservative politician had announced tax cuts without counter-funding, which plunged the financial markets into chaos and cost her the office.
Treasury Secretary Jeremy Hunt, who was appointed in the final days of Truss’s term, is currently working with the new prime minister on budget plans. These are expected on November 17. Sunak was himself finance minister under former Conservative Prime Minister Boris Johnson.
(SDA)
Source: Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
