Economics
U.K.’s Sunak Poised to Stick to Tax Pledges in March 3 Budget
- Scant appetite for reduction in spending to shrink the deficit
- Johnson had vowed not to boost the levies during 2019 campaign
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U.K. Prime Minister Boris Johnson’s government is sticking to an election promise not to hike taxes on wages and sales next month, rejecting pressure to increase revenue to tackle the record deficit run-up during the coronavirus pandemic, according to a person familiar with the matter.
Chancellor of the Exchequer Rishi Sunak‘s budget next month will not raise income tax, national insurance or value added tax after the prime minister was clear he didn’t want to break the pledge, said the person, who was speaking on condition of anonymity because the plans are private.