An emergency budget announced by Treasury chief Jeremy Hunt on Thursday includes 25 billion pounds in tax hikes, including higher income tax for middle and top earners and steeper local household taxes. The Treasury acknowledged that the moves will take taxes as a share of national income to its highest level since World War II.
“We’re in for a long, hard, unpleasant journey,” he added, with “high borrowing, high debt, high tax and public spending under strain.” “Sound money matters more than low taxes,” he said. “None of this is easy, but it’s the right thing to do.” Hunt said the steps he was taking meant a predicted recession would be “shallower” than it otherwise would have been.
With trillions wasted by gov'ts around the world for ineffective covid response, taxpayers eventually were going to end up having to pay it back.