British Prime Minister Boris Johnson and Finance Minister Rishi Sunak have agreed to cut personal taxes before the next election.
Sunak will tell lawmakers and voters that the government must raise money now to pay for the coronavirus bailouts, according to London’s Sunday Times newspaper, Reuters reported.
The finance minister will outline an “arc” on taxation in November’s budget, under which the wealthy will pay heavier taxes, with cuts to follow in 2023 or 2024.
Sunak has no plans for changes to inheritance tax this year, while Johnson is not prepared to sanction rises in income tax, national insurance or value-added tax.
Last weekend, newspaper reports in Britain suggested the finance ministry was looking at sweeping tax increases. Sunak said such reports were speculation.
