Following PM Johnson's Announcement, UK Budget Becomes Focus - Kakiforex.com - Financial Market Media No. 1 in the World Following PM Johnson's Announcement, UK Budget Becomes Focus Following PM Johnson's Announcement, UK Budget Becomes Focus

February 25, 2021

Following PM Johnson's Announcement, UK Budget Becomes Focus

 UK Finance Minister Rishi Sunak will launch more spending to support the economy next week, where he may also signal a tax hike to help cover government spending.


Sunak, which will announce a new budget package on March 3, has rolled out more than £ 280 billion in coronavirus stimulus and tax cuts, pushing the country's debt levels to the highest level.


Prime Minister Boris Johnson is expected to lift all restrictions in late June after he announced a gradual easing of closure measures on Monday.


Following that, Sunak is expected to support the country's economy by launching greater spending.



The government employment support scheme, which pays 80% of workers' salaries and will end on April 30, is likely to be extended to support the UK employment sector.


Earlier, many businesses had demanded Sunak to exclude firms most affected by property taxes and give them a reduction in value-added taxes.


Following that, The Times reported that Sunak may extend its stamp duty property tax deduction for three months to the end of June.


Even so, the UK is likely to continue to sink in debt and to get out of it, Sunak is expected to start raising Britain's corporate tax rate and end the freezing of the fuel duty hike that has taken place since 2012.