Tax rises are being prepared for all households in the UK as the Prime Minister and Chancellor plan to fill "eye-watering £50billion black hole" in public finances through tax increases and spending cuts. Rishi Sunak and Jeremy Hunt met on Monday, October 31, to prepare for the crucial budget on November 17.
It's reported they agreed that it was "inevitable" that all tax payers will face a higher burden in the coming years, and that the tough decisions made concluded that everyone will need to contribute more in tax. A Treasury source has been quoted as saying: "It is going to be rough.
"The truth is that everybody will need to contribute more in tax if we are to maintain public services. After borrowing hundreds of billions of pounds through Covid-19 and implementing massive energy bills support, we won't be able to fill the fiscal black hole through spending cuts alone," reports the BBC.
