UK PM, finance minister agree to cut personal taxes before next election: newspaper

World+Biz

Reuters
06 September, 2020, 02:35 pm
Last modified: 06 September, 2020, 02:50 pm
Last weekend, newspaper reports in Britain suggested the finance ministry was looking at sweeping tax increases
Britain's Chancellor of the Exchequer Rishi Sunak and Britain's Prime Minister Boris Johnson arrive to attend a Cabinet meeting of senior government ministers at the Foreign and Commonwealth Office (FCO) in London, Britain, September 1, 2020. Photo:Reuters

British Prime Minister Boris Johnson and Finance Minister Rishi Sunak have agreed to cut personal taxes before the next election, London's Sunday Times newspaper reported.

Sunak will tell lawmakers and voters that the government must raise money now to pay for the coronavirus bailouts, the newspaper reported.

The finance minister will outline an "arc" on taxation in November's budget, under which the wealthy will pay heavier taxes, with cuts to follow in 2023 or 2024, the report said.

Britain will not be EU ‘client state’: UK Brexit envoy

Sunak has no plans for changes to inheritance tax this year, while Johnson is not prepared to sanction rises in income tax, national insurance or value-added tax, the newspaper reported.

Last weekend, newspaper reports in Britain suggested the finance ministry was looking at sweeping tax increases. Sunak said such reports were speculation.

Related Topics

UK / tax

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.