The Chancellor dismissed speculation about capital gains tax but acknowledged public finances are on an unsustainable path.
Britain faces some"tough choices ahead" on repairing the public finances after the current recession has passed, the Chancellor warned today.
In a hearing of the Treasury select committee, Rishi Sunak declined to comment on whether he is planning to raise taxes or cut spending to finance the hundreds of billions of pounds of borrowing the UK is currently doing, but acknowledged that he would confront the question in his budget later this autumn.
The comments come amid growing speculation that the Chancellor will have to find new sources of revenues in the coming years, speculation exacerbated by a new review commissioned by the Office of Tax Simplification into capital gains tax .The Chancellor dismissed that review as a sign of forthcoming rises in CGT but acknowledged that the
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rishi Sunak, Boris Johnson... and a masterclass in dodging awkward questions'When a minister doesn’t give a straight answer to a straight question, inferring is what people are bound to do' writes MichaelPDeacon
Read more »
Rishi Sunak orders review of capital gains tax in bid to save UK economyRISHI Sunak has ordered a review of capital gains tax as the Treasury looks for ways to plug the £300bn coronavirus black hole in the nation’s finances. Mr Sunak has commissioned the Office o…
Read more »
Rishi Sunak looks to target rich with review of capital gains tax to fill budget black holeWealthy exploit tax avoidance to pay too little for sale of second homes, works of art and stocks and shares, critics say
Read more »
Scientists warn of second coronavirus wave fears ahead of winter‘This is a critical window of opportunity,’ says Professor Stephen Holgate
Read more »
Urgent warning to British households as coronavirus sends energy bills sky rocketingENERGY bills are a necessary household expense, but they are hardly a pleasure to pay. Now Britons are being urged to asses their bills as coronavirus send prices rocketing.
Read more »