LONDON (UK) – British finance minister Rishi Sunak will chart out plans to raise income tax by 6 billion pounds ($8.36 billion), The Times reported on Sunday.
The report said that the chancellor will say it is a requirement for him to raise more than 40 billion pounds so that the budget deficit could be tackled and guard the economy from rising rates of interest on government borrowing,
The government on Saturday said Sunak will make an announcement of 5 billion pounds, as additional grants to help businesses struck by pandemic lockdowns, in his budget.
Separately, the government said Sunak is also expected to declare an initial 12 billion pounds of capital and 10 billion pounds of guarantees for the new UK Infrastructure Bank.
A Telegraph report said Sunak is also taking into account bringing back the small profits rate, annulled by George Osborne in 2014, to support small to medium-sized companies.
