LONDON (UK) – British Prime Minister Boris Johnson and Finance Minister Rishi Sunak have admitted to cutting personal taxes ahead of the next election, as reported by London’s Sunday Times newspaper.
The newspaper reported that Sunak will inform lawmakers and voters that the government must raise money now to compensate for the coronavirus bailouts.
An “arc” on taxation would be prepared by Rishi Sunak in November’s budget, according to which the wealthy will pay heavier taxes, and cuts for the same will follow in 2023 or 2024, the report said.
No changes will be made to inheritance tax by Sunak this year, while Johnson is not prepared to allow an increase in income tax, national insurance or value-added tax, the newspaper reported.
Sunak dismissed newspaper reports as speculation in Britain, which suggested the finance ministry was aiming at alarming tax increases.
