Chancellor unveils biggest Budget tax rises in decades to fund Covid crisis – BBC News


0
Chancellor unveils biggest Budget tax rises in decades to fund Covid crisis - BBC News



The enormous cost of shoring up the economy, because of the pandemic, has been spelled out by the chancellor in today’s Budget. Mr Sunak revealed a series of measures that will take the UK’s tax burden to its highest level since the 1960s. He insisted that without “corrective action” the national debt would go on rising indefinitely.

There will be more spending in the short term. The furlough scheme for workers and support for the self-employed will be extended to September as will the £20 a week uplift in Universal Credit.

For the retail, hospitality and leisure sectors the business rates holiday will continue until June. There’s an extra £65 billion being spent on the whole range of support measures.

Paying for all this will take decades according to the chancellor. Income tax allowances will be frozen from April 2022 for 4 years. This means more than a million people will start to pay income tax and a million more will start to pay the higher rate. Corporation Tax, paid by companies on their profits, will rise from 19 to 25 percent by 2023.

That will only make a dent in the record amounts the government is borrowing, more than £355 billion this year alone.

The Office for Budget responsibility says the overall Budget package will lead to the highest tax burden on the UK economy for more than half a century.

Huw Edwards presents BBC News at Ten reporting by political editor Laura Kuenssberg and economics editor Faisal Islam.

Please subscribe HERE http://bit.ly/1rbfUog

#BBCNews

source


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
BBC News

21 Comments

Your email address will not be published. Required fields are marked *

  1. what is the point in increasing national minimum wage if our taxes go up typical inflation for you so really you get less money off working but that's the right wing government and you still vote for them dense …

  2. Plandemic was put into action to raise the retirement age and kill the elderly. Are certain governments really this incompetent or purposely doing a bad job.

  3. Luke 8:17 For there is nothing hidden that will not be disclosed, and nothing concealed that will not be known or brought out into the open.

    YOUR EYES WILL BE WIDE OPEN AND EVERYTHING FALLS INTO PLACE…ONCE YOU RESEARCH ID2020 and also the World Economic Forum's 'Great Reset'. two arms of the same plan to force us into a China-Model economic/medical prison-society. The 'Reset' is the social-engineering/political/economic arm and ID2020 is the medical-pharma/digital-surveillance arm. Both are operating in tandem to build-up a new globalist vision…where they – the 1% – have total control over the freedom-less 99%. This 'virus' is being used as a means to implement these joint agenda's. ID2020 was officially launched in 2016 – 4 years in advance of covid in 2020…did THE PLANNERS have a Crystal ball to accurately predict the year of Covid-19 ? Both ID2020 and the Reset and the rich and powerful behind them have been preparing for many years to reshape our societies/economies/lives and these changes are all being rolled-out under Covid-measures…Immunity-Passports/digital track-tracing surveillance and mass-vaccinations.

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format