LONDON – Former finance minister of Britain Sajid Javid states that he would have cut income tax had he not resigned post his clash with Prime Minister Boris Johnson.
Javid said that the centrepiece of the upcoming budget under him would have been a cut of the basic income tax rate from 20 pence in the pound to 18 pence and he planned on reducing the basic rate from 2025 to 15 pence.
Javid urged his successor Rishi Sunak not to tear up the fiscal rules which commit the government to balance day-to-day expenditure within three years when he delivers the budget soon on March 11th.
Javid states that he would have paid partly for the income tax cuts through cutting government spending waste.
“I passionately believe that where you can afford it tax cuts are a good thing and now that we have a majority, we should be much more aggressive on the tax cuts for the long term.”
– Sajid Javid, former British Finance Minister
Javid also said that he planned a stamp duty reduction, introducing electric vehicle fast-charging station network and providing aid to five million adults lacking literacy and numeracy skills to retrain.
He quit following a loss in a power struggle about who must control Britain’s economy. His resignation came after he refused Johnson’s demand to sack his own advisers’ team.
Rishi Sunak then became finance minister after agreeing to Johnson’s imposed conditions.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.
