Rishi Sunak’s spend now, tax later budget has received a broad welcome from voters, according to two snap opinion polls carried out after the chancellor’s statement. Households and businesses are facing the biggest tax burden since the 1960s after the chancellor unveiled his plans to repair the nation’s finances after the COVID pandemic. Mr Sunak used his budget to extend the furlough scheme and £20 Universal Credit increase, as part of a £65 billion lifeline for an economy still battered by lockdowns. But taxes on business profits are set to rise from 2023, while income tax thresholds will be frozen, meaning more than a million extra people will pay tax as wages increase. It was a budget of two halves, continuing emergency COVID relief to keep as many people as possible in a job and raising taxes, but not until around the time of the next general election. Advertisement And since Boris Johnson plans to repeal the Fixed Term Parliaments Act in the new session of parliament beginning in May, the timing of the tax rises suddenly makes an early election more likely. Budget calculator: Find out if you are better or worse off Just hours after the budget, the… Read full this story
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