Skip to main content

UK , tax increase is the only solution.

 


Rishi Sunak warned last night that the financial markets would punish Britain if he did not raise taxes and cut spending, as ministers announced they were curtailing support for energy bills from April. In a riposte to his critics on the Tory right, the prime minister said the government had to meet the «expectations of international markets» after the loss of confidence brought about by his predecessor Liz Truss’s mini-budget. However, he pledged that Jeremy Hunt, the chancellor, would also lay out longer-term proposals to «cut people’s taxes over time» when he delivers his autumn statement on Thursday. Yesterday Hunt said that «we’re all going to be paying a bit more tax» to get the country’s finances back on track, and there were «hard choices» to make.

He also revealed that there would be «constraints» on further help towards energy bills after April, with support targeted towards the most vulnerable. The Treasury is understood to be drawing up a package that would adjust the current price cap and result in many households facing an increase of up to £600 in average annual bills. Speaking en route to the G20 summit in Bali, Sunak addressed critics among his backbenchers who claim that his tax plans could damage growth and prolong any recession. Speaking to Times Radio, the chancellor said that he had «hard choices» to make and there would need to be a «contribution from everyone» to get the country’s finances back on track.

«This is a compassionate Conservative government that recognises the pressures people feel. But we’re not going to stop hard choices,» he said.

www.sba.tax

Labels:

Comments

  1. Anonymous14 November 2022 at 12:38

    The "hard choices" should start with not just throwing money away on welfare and not encouraging people to stay home and do nothing. I am not talking about the people that deserve this money. I am talking about those that take advantage of the system. UK needs to start encouraging good, hard work from all their citizens. And yes, we will probably have to pay more taxes. That was to be expected but make sure that money goes into development of the country.

    ReplyDelete

Post a Comment

Cloud Bookkeeping

HS2 cost cuts new routes and add delays.

 Trans­port depart­ment offi­cials have begun work on «Project Sil­ver­light» sug­gest­ing the high­speed rail scheme might face four addi­tional years of delay. The planned High Speed 2 rail line faces fur­ther delays of up to four years and more cuts to the project under plans being drawn up by min­is­ters to rein in its bal­loon­ing costs. The extra delays to the coun­try’s biggest infra­struc­ture project would mean that it would not be com­pleted until as late as 2045 — 12 years after ori­gin­ally planned. «This is a func­tion of infla­tion; we are hav­ing to find huge sav­ings because the cost of everything the depart­ment is already doing will have become so much more expens­ive by then,» said one gov­ern­ment offi­cial. In Octo­ber, the FT repor­ted that the Treas­ury had asked HS2’s man­age­ment team to identify poten­tial cuts or «scope reduc­tions» to the high-speed line. Trans­port depart­ment offi­cials have sub­sequently begun work on Project Sil­ver­light aimed at fi...
4 comments
Read more

Small business will be excluded from fraud law.

  Min­is­ters are plan­ning to exclude small busi­nesses from anti-fraud legis­la­tion by nar­row­ing the scope of a crim­inal offence tar­get­ing com­pan­ies that fail to pre­vent eco­nomic crimes. MPs and anti-cor­rup­tion cam­paign­ers had hoped the gov­ern­ment would seek to amend the eco­nomic crime and cor­por­ate trans­par­ency bill to ensure the new offence covered all com­pan­ies. The plans to limit the scope of the amend­ments will also dis­ap­point those who had hoped the legis­la­tion would remove key hurdles to the pro­sec­u­tion of white-col­lar crime. A new «fail­ure to pre­vent» offence for fraud would bring it in line with exist­ing sim­ilar cor­por­ate offences for bribery and tax eva­sion. At present, pro­sec­utors need only prove that organ­isa­tions lacked «reas­on­able» or «adequate» con­trols to pur­sue the offence in bribery and tax eva­sion cases. «It would be much more sens­ible for the gov­ern­ment to provide strong guid­ance for SMEs on what these pro­ce...
3 comments
Read more

Doubt on CS's collateral.

  Credit Suisse provided an emergency $140mn loan to Greensill Capital based partly on invoices to companies that deny ever doing the business stated on the documents. The Swiss bank provided the loan in October 2020, less than five months before the collapse of Greensill, a supply chain finance firm that counted former British prime minister David Cameron as a senior adviser. Invoices issued by metals magnate Sanjeev Gupta’s Liberty Commodities and sold to Greensill formed part of the collateral for the loan, according to documents seen by the Financial Times and people familiar with the transaction. Yet several of the parties named on the invoices have told the FT they did no business with Liberty. GFG has consistently denied any wrongdoing. Credit Suisse’s loan had a clause dictating that the collateral value had to be equal to or greater than the $140mn borrowed. The terms of the debt agreement only allowed invoices on Green-sill’s balance sheet to count towards this tally if t...
2 comments
Read more