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Johnson Looks to Head Off Rebellion Over $17 Billion Tax Hike

  • National insurance, dividend tax to rise by 1.25 points
  • Conservative lawmakers welcomed ‘broad-based’ approach
Bloomberg business news
WATCH: U.K. Prime Minister Boris Johnson unveils a 12-billion pound ($17 billion) annual tax hike.Source: Bloomberg)
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U.K. Prime Minister Boris Johnson appeared to see off a Conservative Party rebellion over a 12-billion pound ($17 billion) annual tax hike after announcing that pensioners and shareholders would also take a hit to help fund the National Health Service and reform social care.

The government will hold a House of Commons vote on its new tax package on Wednesday, after several previously skeptical Members of Parliament welcomed the plan.