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Britain Extends Pandemic Economic Support

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Britain Extends Pandemic Economic Support

Rishi Sunak, Britain’s chancellor of the Exchequer, said the country would extend economic recovery measures and announced plans to raise taxes once the pandemic ends.

We’re going to keep economic support in place until well past the point that we exit lockdown. The furlough scheme, support for the self-employed, business grants, business rates, holidays, tax cuts and the temporary universal credit uplift have all been extended and generously. While I have chosen to freeze personal tax thresholds, some of the most generous in the world, I am not going to increase the rates of income tax, national insurance or VAT. And I am not going to find the money that we need by taking it from public services like schools or the N.H.S. Freezing tax thresholds is fair, asking more of those on higher incomes. And we’re going to ask large businesses who have made a profit to contribute as well. Two years from now, well past our recovery, in 2023, corporation tax on company profits will increase to 25 percent.

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