Skip to content
Subscriber Only
Politics
Economics

U.K. Blinks First on Covid Deficits With Tax at 70-Year High

  • Parliament to vote Wednesday on $17 billion charge for workers
  • Plan has been criticized as regressive, carries political risk
Video player cover image
WATCH: Johnson announces a $17 billion tax hike.Source: Bloomberg
Updated on

Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.

The U.K. is set to take the lead among developed economies by raising new taxes that will help trim pandemic budget deficits, an issue that’s likely to dominate policy debate across the world in the coming years.