Economy

UK’s Sunak Takes No Tax Options Off the Table in Economic Plan By Bloomberg


&copy Bloomberg. Rishi Sunak (UK prime minister) leaves 10 Downing Street to attend his first Prime Minister’s Question (PMQ), in London, UK on Wednesday, October 26, 2022. Sunak delayed an economic strategy announcement planned for Monday until Nov. 17 as he sought more time to make the “right decisions” on managing the British economy.

(Bloomberg) —

UK Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt are taking no tax options off the table as they consider how to plug the hole in the UK’s budget, the premier’s spokesman, Max Blain, told reporters on Thursday.

Hunt is preparing to give an Autumn Statement on Nov. 17 after delaying it from Oct. 31, and has pledged to get the public finances back onto a sustainable footing, a task that in his words will involve “decisions of eye-watering difficulty” on tax and spending. 

Blain declined comment to be specific about the possibility of an expansion of a windfall levy on energy companies or the imposition of a similar bank levy. He said announcements on tax are made for a fiscal event like the Autumn Statement.

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