UK NEWS: Finance Minister Rishi Sunak plans on tax cuts to boost Covid

Rishi Sunak’s spending and tax cuts are expected to create budget deficits that could affect 15% of the economy’s output, levels that can be seen since World War II.
British Finance Minister Rishi Sunak will try to restart the country’s economy by giving taxpayers a discount on tax breaks, restaurants, restaurants and other hospitality companies, The Times reported.

Sunak is expected to announce on Wednesday the next phase of its efforts to boost the world’s largest economy by 25% in March and April, when the government’s coronavirus shut down.

Sunak’s plan is expected to look at ways to reduce unemployment – including assistance for job seekers and trainees – but the methods reported by The Times note that he sees a need to boost demand through tax cuts.

Sunak will say it will increase its property tax limit to 500,000 pounds ($ 623,700), up to four times its current rate. This will free up many returners from paying any stamps for a year, the newspaper said. The tax break will be used in the official budget statement in the fall, it said.

Sunak will also announce the temporary introduction of VAT for hospitality companies to protect 2.4 million jobs in the sector, which will start reopening on July 4, according to The Times.

The Observer newspaper on Sunday reported that Sunak is looking for another option – to offer discounts of 500 pounds (six dollars and $ 625) for adults, and 250 pounds for children, to spend on hard-hit categories with this key.

Sunak has already come up with urgent measures that will cost an estimated $ 133 billion this year to offset the progress of unemployment, the chief among which is a job retention scheme that pays 80% of its salaries. That purpose is due to expire at the end of October, raising fears of being unemployed.

Last week, a number of companies announced major job cuts, including the move to the SSP (SSPG.L), which would cut about 5,000 workers. A Bank of England study published on July 2 revealed companies expecting an 11% drop in staffing in the third and fourth quarters of 2020.

Sunak spending and tax cuts are expected to cause budget deficits that could affect 15% of the economy’s output, levels that can be seen since World War II. The finance ministry declined to comment on reports in The Times and the Guardian.

At the weekend, the department said Sunday it would announce a significant increase in training and doubled its number of trainers. Prime Minister Boris Johnson last week said they would immediately follow the investment in infrastructure and zoning laws.

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