Rishi Sunak is said to be targeting business tax rises to pay for the massive level of public spending during the pandemic – amid warnings that the economy could take a decade to recover. The Chancellor is mulling increases to capital gains tax – paid on shares and other asset sales to bring it into line with income tax rates in news likely to alarm Tory MPs. Corporation tax could also rise from 19 to 24 per cent under plans that would allow the Tories to keep to their manifesto pledge not to increase VAT, National Insurance or inheritance tax, the Telegraph reported. It came as a new poll today suggested the public want to see ministers use the Covid recovery to rebalance the UK economy. Just 21 per cent of those polled by BritainThinks for the Sunday Times want public services cut to reduce the UK’s eye-watering debt levels. Almost nine in 10 supported levelling-up the economy away from a reliance on London and 83 per cent said that key workers should be paid more. The paper suggested that Mr Sunak will use his Budget in March to prepare the nation for a decade of high spending, saying the… Read full this story
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