Feb 23, 2022
Sunak 'firmly believes in lower taxes' ahead of tax rise
Chancellor Rishi Sunak will pledge to "Deliver a low tax, higher growth economy" amid criticism from MPs over rises to National Insurance. "The chancellor may say he 'believes' in low taxes in his lecture - but the hard facts are that Sunak has hit households and business with 15 tax rises in two years in post - with an unfair National Insurance rise down the line - and he has raised the most tax on average per budget than any Chancellor in the last 50 years," Ms Reeves said. Mr Sunak will say he is "Disheartened when I hear the flippant claim that 'tax cuts always pay for themselves'". The extra tax will be collected as a new Health and Social Care Levy.The changes will see an employee on £20,000 a year pay an extra £89 in tax, while someone on £50,000 will pay £464 more. Mr Danker has called for a permanent "Super-deduction" tax break to boost business investment in the UK.The super-deduction allowance currently gives businesses investing in certain types of equipment, like machinery, a much higher tax reduction than usual but will expire in March next year.
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