Economics
U.K. Treasury Officials Are Pushing for Significant Tax Hikes
- Potential measures include tax raid on pensions, capital gains
- Budget deficit could set to balloon to 350 billion pounds
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U.K. Treasury officials are pushing for significant tax increases to raise at least 20 billion pounds ($27 billion) a year and plug the swelling budget deficit, according to news reports, a move that would hit the voters who’ve traditionally formed the backbone of the Conservative Party.
Citing multiple sources, the Telegraph reported late Saturday that proposals under consideration include aligning capital gains tax with income tax, slashing pension tax relief, raising fuel and other duties, introducing an online sales tax and changing the inheritance tax system.