London – Rishi Sunak’s government, much anticipated by the British, is taking drastic measures to overcome the financial crisis. The new government plans to tackle a £ 50 billion deficit by increasing income tax, national insurance and VAT. Even before the government’s honeymoon is over, there are measures that will make life more difficult for the British.
Behind the decision to impose a greater tax burden on all is the awareness that the fiscal deficit cannot be overcome by imposing more taxes on the rich and reducing public spending. This is evidenced by the Prime Minister’s early assurance that drastic measures will be needed to overcome the current severe financial crisis. The finance ministry also warns that taxes will rise.
Chancellor Jeremy Hunt will present the new budget to Parliament on 17 November. There will be strict spending restrictions in many government departments. The government is also considering large tax increases along with spending cuts. Yesterday a meeting was held between the Prime Minister and the Chancellor to formulate tax proposals.
Summary in English: Rishi Sunak will discard the trellis growth plan and focus on more taxes instead
