LONDON: British finance minister Rishi Sunak will set out plans to raise income tax by £6 billion, The Times reported on Sunday.
The chancellor will say he needs to raise more than £40 billion to tackle the budget deficit and protect the economy from rising rates of interest on government borrowing, the report said.
The government on Saturday said Sunak will announce £5 billion of additional grants to help businesses hit hard by pandemic lockdowns, in his budget.
Separately, the government said Sunak is also expected to announce an initial £12 billion of capital and £10 billion of guarantees for the new UK Infrastructure Bank.
A Telegraph report said Sunak is also weighing up bringing back the small profits rate, axed by George Osborne in 2014, to support small to medium-sized companies.
Source: https://www.freemalaysiatoday.com/category/business/2021/02/28/uk-will-set-out-plans-to-raise-income-tax-by-6-bil/