In his Autumn statement, Rishi Sunak reiterated a timeworn Chancellor’s pledge to restore the public finances. Notably, he declared that the financial emergency had only just begun and that public borrowing and debt were clearly unsustainable. These statements, Treasury briefings and forecasts by the Office for Budgetary Responsibility have led analysts to start working out how much taxes need to increase in order to plug a gap of about £40 billion between the government’s revenues and its spending that is expected by 2025. Income tax, National Insurance, VAT, capital gains tax, inheritance tax – which will go up?
Posted by Chris Gilchrist