UK Labor government to raise taxes by £40bn in first budget | Business and economic news

Treasurer Rachel Reeves said the tax rises would be used to fund public services and strengthen public finances.

Britain's Chancellor of the Exchequer Rachel Reeves told lawmakers she would raise taxes by 40 billion British pounds ($52 billion) to plug the gap in public finances and provide new funding for Britain's cash-strapped public services. -Various budget statements to set the tone for the coming years.

In Labour's first budget, which came to power earlier this year after 14 years of opposition, Reeves said the government was also changing Britain's rules to enable it to invest, invest and promote economic growth.

Her biggest cash pledge was an additional 25 billion pounds ($32.5 billion) for the National Health Service, which has seen waiting lists rise to record levels due to the coronavirus pandemic.

The choice I made today is the right choice for our country, Reeves said at the end of his statement Monday. To restore stability to public finances. To protect working people. To fix the NHS. And to rebuild Britain.

Reeves said the tax increase was largely due to an increase in the taxes businesses pay to employ people and was necessary because of the economic black hole left by the previous Conservative government.

Her centre-left party was elected on July 4 after promising to banish years of chaos and scandals under the Conservative government, grow Britain's economy and restore decaying public services.

Mr Reeves said he would not allow public debt to soar, mindful of former Conservative Prime Minister Liz Truss sending bond markets into chaos with her unfunded tax cut plans two years ago.

She also raised the proportion of social security contributions paid by employers by 1.2 percentage points to 15% from next April, and lowered the threshold at which companies start paying social security contributions, raising an additional 25 billion pounds ($32.50). announced that it would. bn) 1 year over 5 years.

Company bosses have warned that new protection plans for workers and higher taxes on them, along with a higher minimum wage, could undermine Labor's pledge to make Britain one of the seven fastest-growing economies.

Reeves announced a series of other revenue-generating measures, including changes to tax rules for capital gains and inheritances and taxes paid by private equity executives and non-residential residents.

Prime Minister Keir Starmer has warned that people with the broadest shoulders will have to pay more tax.

However, Reeves ruled out having more individuals pay the basic tax rate and higher income tax rates after the payment threshold freeze expires in the 2028-29 tax year.

She also extended the fuel tax freeze and cut taxes on draft beer served in bars.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos