Please enter your email address to receive a password reminder.
Log into Tax-News+
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.
IMPORTANT NOTICE: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
All rights reserved. © 2017 Wolters Kluwer