Great Britain will seek money from the rich for the poor
UK Treasury Secretary announces higher taxes for the rich
The UK plans to raise taxes on the wealthy to stabilize the budget and raise money to protect vulnerable people, according to a statement from the country’s Finance Minister Jeremy Hunt. His speech in Parliament quotes Bloomberg.
An income tax rate of 45 per cent will now apply to those earning more than £125,140 per annum (previously it was £150,000). In parallel, support measures are provided for pensioners and poor families – indexation of social benefits, increase in the minimum wage rate, restrictions on the increase in the price of renting social housing.
Besides, as said Reuters, will raise taxes on the profits of energy companies – from 25 to 35 percent, the rate will be valid from January 1 to 2028. A new temporary tax of 45 percent is also being implemented for power generating companies.
The measures presented by Hunt differ significantly from those presented by previous UK governments. In early autumn, the Liz Truss cabinet introduced a package of reforms including tax cuts. These ideas caused chaos in financial markets and a devaluation of the pound, after which both Truss and Treasury Secretary Kwasi Kwarteng resigned, to be replaced by Hunt.
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