Mar 1, 2021
Budget 2021: 'Now is not the time for tax rises', say MPs
The cross-party group of MPs says some tax rises may not harm recovery, but recommends against others. The new report, published as part of the Tax After Coronavirus inquiry, suggests the government's "Tax lock" manifesto promise not to increase the rate of income tax, VAT or national insurance will come under pressure. On Wednesday, Mr Sunak will use the Budget to set out the government's tax and spending plans following a year of financial disturbance and high government borrowing brought on by the coronavirus pandemic. Freezing thresholds would mean more people paying more tax as wages rose. "The chairman of the Treasury Select Committee, Conservative MP Mel Stride, said:"With our public finances on an unsustainable long-term trajectory, our clear message is that Budget 2021 is not the time for tax rises or fiscal consolidation, which could undermine the economic recovery.
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