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Tax Hikes.
Treasury officials push for bombshell tax hikes to pay for virus
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Treasury officials are pushing for the largest tax rises in a generation to plug the gaping holes in the public finances, in a move being resisted by Downing Street, The Telegraph can disclose.
The proposed quintuple whammy of tax increases would enable the Exchequer to raise at least £20 billion a year, and some could be introduced as early as in the Budget.
While no decisions have been made, multiple sources have told this newspaper that proposals under active consideration include aligning capital gains tax (CGT) with income tax, slashing pension tax relief, raising fuel and other duties, the introduction of an online sales tax and a simplification of the inheritance tax system.
https://www.msn.com/en-gb/money/news/treasury-officials-push-for-bombshell-tax-hikes-to-pay-for-virus/ar-BB18vbWp?ocid=msedgdhp
Video player from: YouTube (Privacy Policy, Terms)
Treasury officials are pushing for the largest tax rises in a generation to plug the gaping holes in the public finances, in a move being resisted by Downing Street, The Telegraph can disclose.
The proposed quintuple whammy of tax increases would enable the Exchequer to raise at least £20 billion a year, and some could be introduced as early as in the Budget.
While no decisions have been made, multiple sources have told this newspaper that proposals under active consideration include aligning capital gains tax (CGT) with income tax, slashing pension tax relief, raising fuel and other duties, the introduction of an online sales tax and a simplification of the inheritance tax system.
https://www.msn.com/en-gb/money/news/treasury-officials-push-for-bombshell-tax-hikes-to-pay-for-virus/ar-BB18vbWp?ocid=msedgdhp
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Treasury officials are said to be drawing up plans to target the better off, businesses and pensions to plug the gap in the nation's finances. Capital gains tax and corporation tax would both be raised in proposals reportedly set to play a central part of Rishi Sunak's Budget in November. The Chancellor (right) is specifically understood to be looking at hiking corporation tax from 19 per cent to 24 per cent to raise £12billion next year and £17billion in 2023/24. Second-home owners would also be hit under proposals to require people to pay capital gains tax at the same rate as they pay income tax, The Sunday Times reported. Earlier this month, Mr Sunak hinted at tax rises to pay for the massive Government borrowing that has helped fund the fightback against the pandemic but which has led to the national debt topping £2trillion for the first time. However, the Prime Minister (left) has been adamant about not returning to austerity, pledging to create jobs and boost spending on major infrastructure schemes.
https://www.dailymail.co.uk/home/index.html
Tax hikes risk trashing the economic recovery so the Chancellor should wait for several years before trying to plug the hole in the public finances, economists have told MPs.
Treasury officials fear the record deficit of more than £300bn this year is dangerously huge, requiring a plan to patch up the books, potentially including tax raids on pensions and petrol.
But action on any serious scale could threaten to choke growth, undermining the economy and so in turn damaging public finances.
Paul Johnson, director of the Institute for Fiscal Studies, urged the Chancellor not to hike taxes for at least two or three years.
https://www.msn.com/en-gb/news/uknews/tax-hikes-risk-destroying-recovery-economists-warn/ar-BB18AOe2?ocid=msedgntp
instead of paying out a % of GDP to all theses clubs and foreign aid first maybe better to fully fund our services first then hand out a % of what's left.. that way maybe we would not have to borrow so much or raises taxes to make the shortfall up every year ..
either way if it costs me a extra £25- £50 a week so be it , its one tournament less a week or even 1 less takeaway
Between 2010 and 2020, Conservative cuts destroyed the fabric of society as we know it. Speaking to people on the frontline reveals the ways our lives have been changed for ever
What happened in the UK between 2010 and 2020 will scar us for the rest of our lives. David Cameron’s Conservatives, only just victorious in the 2010 election, sold austerity as a necessary response to the 2008 financial crash. The exact social consequences of these cuts were spelled out last week in Michael Marmot’s report for the Institute of Health Equity: for the first time in a century, life expectancy has stopped growing and for women in poor areas actually fallen.
We should never stop reminding ourselves just what an astonishing decade we have lived through. In the aftermath of the crash, employment climbed and stayed remarkably high. But these new jobs paid badly and it took until two months ago for earnings to reach where they were before 2008. It is no surprise that debt is mountainous: each household owes on average £15,385, not counting their mortgages. The gap between rich and poor has widened; the young are now worse off than their parents at their age; home ownership has declined steeply – families are stuck in life-long and precarious private renting.
A Friday night in the control room with Bedfordshire police told the same story of services stretched to breaking point. Mental health and domestic violence dominated the calls. A neighbour reported a man next door banging on his wife’s window, threatening violence. A man called as he chased his son across a dark park, terrified he might harm himself. The chief constable, Jon Boutcher, had just written to his MP recounting a typical night of rapes, stabbings and a lethal traffic accident involving young children. “I run out of officers regularly for 999 calls,” he said.
https://www.theguardian.com/society/2020/mar/03/lost-decade-hidden-story-how-austerity-broke-britain
https://www.bbc.co.uk/news/uk-politics-53992500
UK government quietly cuts international aid by £2.9 billion as MPs leave parliament for summer
Dominic Raab accused of 'callous' move in time of international emergency
https://www.independent.co.uk/news/uk/politics/uk-government-tories-cut-foreign-international-aid-billions-budget-coronavirus-a9633516.html