British treasury pushing for large tax rises to plug budgetary holes

Treasury officials are pushing for the largest tax rises in a generation to plug the gaping holes in the public finances, in a move being resisted by Downing Street, The Telegraph reports.

According to The Telegraph the government is proposing quintuple whammy of tax increases with the aim to  enable the Exchequer to raise at least £20 billion a year, and some could be introduced as early as in the Budget.

“While no decisions have been made, multiple sources have told this newspaper that proposals under active consideration include aligning capital gains tax (CGT) with income tax, slashing pension tax relief, raising fuel and other duties, the introduction of an online sales tax and a simplification of the inheritance tax system.”

The Telegraph