towards a tax hike, but what should we expect?

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It’s in season: States are preparing their budgets for next year. The British will be fixed this week and the pill may be bitter.

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See you Thursday, November 17 for the presentation of what is called in France the “PLF” (Finance Bill) 2023. The British Minister of Finance is already announcing the color by promising “very difficult decisions” coming. On the TV channel sky news Sunday, November 13, Jeremy Hunt warned that taxes would increase in the face of the rising cost of living.

It is a question of responding to an economic situation itself complicated across the Channel. Inflation in the UK is over 10% due to soaring energy prices and Britons are anxiously awaiting the time when heating bills will have to be paid this winter. The situation is identical everywhere else in Europe, except that in Great Britain, households have been experiencing a complicated political situation for several months. Everyone remembers the fiasco of the mini-budget presented by the government of the ephemeral Prime Minister, Liz Truss, in September 2022. The head of the government had panicked the markets by announcing massive and unfunded tax cuts .

“We are going to ask everyone to make sacrifices”, insists the British Minister of Finance. Concretely, on Thursday, Jeremy Hunt should announce a change in the income tax brackets to tax the richest more and impose strict budget cuts for the various ministries. The richest, no problem but what about the savings and their impact on the population, especially for NHS officials, the public health service?

Tax hikes and spending cuts: the government of new Prime Minister Rishi Sunak is seeking up to 60 billion pounds sterling (68 billion euros) to balance the budget. One of the avenues considered is to significantly increase an exceptional tax on oil and gas companies, then to extend it to electricity producers.


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