Posted on 11/12/2022 2:22:31 PM PST by Oldeconomybuyer
LONDON, Nov 12 (Reuters) - British finance minister Jeremy Hunt said he will have to raise taxes in next week's budget plan in order to fix the public finances and soften a potentially long recession, a newspaper quoted him as saying on Saturday.
Hunt is trying to restore Britain's credibility among investors in the first budget plan since Rishi Sunak replaced Liz Truss as prime minister last month with a vow to undo her economic policy mistakes, chiefly a series of unfunded tax cuts.
"This is going to be a big moment of choice for the country and we will put people ahead of ideology," Hunt told the Sunday Times in an interview.
"You’re going to have a Conservative chancellor who is putting up taxes that, you know, go against the very reason that he went into politics," he said, adding: "you have to do what is right for the country and the situation that we’re in and unfortunately that does mean tax rises."
As well as more spending cuts, Hunt and Sunak are trying to prepare their Conservative Party for the tax increases which could reignite tensions in the party that forced out Truss and allowed Sunak to become Britain's fourth Conservative prime minister since 2016.
Hunt planned to tackle a 55 billion-pound ($65.1 billion) hole in Britain's budget by freezing thresholds and allowances on income tax, national insurance, inheritance tax and pensions for a further two years.
He also intended to halve a tax-free allowance for capital gains tax and lower the threshold for paying the additional rate of income tax to 125,000 pounds a year from 150,000 pounds.
(Excerpt) Read more at msn.com ...
UKHunt!
Worked for Joey B and the White House Dims.
This is what Rishi wanted. Rishi is more wealthy than Charles.
Rishi is installed WEF.
“...Politicians say more taxes will solve everything,
And the band played on...”
Notice the wording “unfunded tax cuts”.
They assume that ALL wages earned by individuals belongs to government and they need to “fund” your tax cuts. You, as the wage earner, are a slave.
I need a raise to pay my bills. Pretty simple huh?
In otherwords they have to Pay for Ukraines War suck.
LOL! Like the US. Raise taxes. Line the pockets of the wealthy. Give crumbs to the middle class.
The Brits ARE “ paying” for their Ukies war support- their GDP just dropped into NEGATIVE territory, historic inflation, as are most of the EU countries. The EU’s economy is tanking into the worst crisis since WW2.
The UK government debt to GDP ratio has risen to 113%; many of the increase under Tory governments. The Liz Truss. now a pub quiz answer, ministry collapsed after financial markets reached violently to more deficits. UK has reached the ran of our other people’s money moment. Austerity is the new regime.
If you want a NHS, and welfare state the UK needs to pay for it. They do not have the luxury of the pound being the world reserve currency.
I saw what you did there, lol.
Britain has a nightmare coming...the unapologetic Maoist lawyer who’s the Leader of the Opposition is gonna be PM at the next election.
And so it begins
Finally, someone realizes the way to soften a bad recession is to RAISE TAXES /s. Our government agrees. People... look after yourselves.
Maybe it would help a recession to cut off all traditional energy sources and have a food shortage too!
The Tories suck. The only good thing that they did was to get UK out of EU. They need to keep Boris. He’s not all that but he’s better than everyone else right now.
Raise taxes...
To fix the economy
To fill up those potholes
To educanate those kids with CRT and other White crimes
To reduce the populace to fifth grade intelligence levels
To save the nation some other way
To be honest, just for the fun of it
Wait until 2026 when trump taxes are sunset and every middle class worker gets hit with a tax hike. Republicans will be blamed big time.
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