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22 June 2020 - Sunak to cut VAT but may raise personal taxation later
"Rishi Sunak the Chancellor of the Exchequer is considering ways in which to boost consumer spending in the short term. He is also studying how he can replenish the nation's coffers after data last week which revealed that public sector net borrowing ballooned to £55 billion in May.
VAT receipts are one of the major earners for the country producing £138 billion in income last year. Sunak is considering reducing the sales tax on several items to encourage spending but in doing that as a short term fix, he may need to consider a rise in personal taxation later in the year in order to balance the books, or at least make a move in that direction."
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.
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By CurrencyTransfer
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"Rishi Sunak the Chancellor of the Exchequer is considering ways in which to boost consumer spending in the short term. He is also studying how he can replenish the nation's coffers after data last week which revealed that public sector net borrowing ballooned to £55 billion in May.
VAT receipts are one of the major earners for the country producing £138 billion in income last year. Sunak is considering reducing the sales tax on several items to encourage spending but in doing that as a short term fix, he may need to consider a rise in personal taxation later in the year in order to balance the books, or at least make a move in that direction."
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.