Chancellor introduces biggest budget tax cuts in decades to fund Covid crisis – BBC News

Due to the pandemic, the chancellor has determined the enormous cost of protecting the economy in today’s budget. Mr Sunak has unveiled a series of measures that will take the UK tax burden to the highest level since the 1960s. He stressed that without “corrective action” the national debt will rise indefinitely. There will be more spending in the short term. The program aimed at workers and self-employed support will be extended until September and will increase by £ 20 a week in Universal Credit. In the retail, hospitality and leisure sectors, business rates will continue until the holidays until June. A further € 65 billion is being spent on the aid measure. Paying for all this will take decades, according to the chancellor. Income tax rebates will be frozen from April 2022 for 4 years. This means that more than one million people will start paying income tax and one million more will start paying the highest rate. Corporation Tax, which companies pay for profits, will rise from 19 percent to 25 percent by 2023. This will only result in record amounts owed by the government, more than € 355 billion this year. The Office of Budgetary Responsibility says the overall budget package will carry the largest tax burden on the UK economy for more than half a century. Huw Edwards presents at BBC News Ten political editor Laura Kuenssberg and economics editor Faisal Islam. Please subscribe HERE

#BBCAnews.

source