‘Rough’ tax rises for all look to be on the way as the government battles with a £50bn blackhole in the country’s finances.
With two-and-a-half weeks ago until the Autumn Statement, Rishi Sunak and Jeremy Hunt are looking for ways to balance the books after a period of financial turmoil.
The chancellor wants to meet the shortfall with a 50/50 mix of cuts and tax rises, according to The Telegraph.
Public sector pay may be targeted and workers offered a 2% pay cut across the board, a massive real terms pay cut against the backdrop of double-digit inflation.
He is also reportedly set to freeze the thresholds at which people start to pay income tax and national insurance, an effective rise for many.