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UK Tax Burden To Rise, Chancellor Confirms

by Jason Gorringe, Tax-News.com, London

19 June 2017


UK Chancellor Philip Hammond has signalled that the next Government is likely to increase taxes, saying that the "objective remains to bring the public finances back to balance by the middle of the next decade."

Asked on BBC TV whether he would be prepared to increase taxes to rein in the country's fiscal deficit, he said: "Well, we've never said we won't raise some taxes."

He added that the Government had created "wriggle room" to restore public finances "in a way that is sensitive to the needs of the economy."

Hammond also confirmed that despite the political uncertainty, there would not be a summer budget, adding that the Government would set out its taxation plans at the November budget.

The UK Conservatives have been in discussions with Northern Ireland's Democratic Unionist Party around forming a coalition government after failing to secure a parliamentary majority in the general election on June 8.

TAGS: individuals | tax | business | United Kingdom | tax reform

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