Furious business chiefs and MPs blast Rishi's bombshell tax hikes to raise £20billion after coronavirus crisis
FURIOUS business chiefs and MPs have blasted Rishi Sunak's bombshell tax hikes plan to raise £20billion after the coronavirus crisis.
But the move, which could be introduced in the Budget, was slammed by backbench MPs and business leaders this morning, describing the planned tax hikes as "no way to help the UK economy restart."Marcus Fysh, MP for Yeovil, said on Twitter: "Tax rises are the wrong response to the current situation and Number 10 @BorisJohnson is right to resist them if the Sunday papers have the story right.
A revamp of the inheritance tax system and the introduction of an online sales tax was also being considered. The aid budget has already been cut by £2.9 billion from £15.8 billion this year, due to the contraction in the economy caused by the Covid-19 outbreak.However, the Government insists it still meets its obligation to provide 0.7% of gross national income to international development.
Senior economists and business leaders have also warned raising taxes in the current recession would be "whistling in the wind".
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