UK faces tax rises as well as spending cuts – Treasury source

Everyone in Briton will need to pay more in tax in the coming years to fix a hole in public finances, a source in the finance ministry said on Monday, following a meeting between Prime Minister Rishi Sunak and finance minister Jeremy Hunt.

by | 31 Oct, 2022

Hunt is due to present a fiscal statement on Nov. 17 which will be accompanied by the first growth and borrowing forecasts since March from Britain’s Office for Budget Responsibility.

“It is going to be rough. The truth is that everybody will need to contribute more in tax if we are to maintain public services,” a Treasury source said.

“After borrowing hundreds of billions of pounds through COVID-19 and implementing massive energy bills support, we won’t be able to fill the fiscal black hole through spending cuts alone,” the source added.

Read more at Reuters

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