UK extends job support, tax breaks for pandemic-hit economy

He also said Britain must be prepared to cut the deficit, announcing plans to increase the tax on corporate profits and boost revenue from personal income taxes in 2023.

Britain’s treasury chief on Wednesday announced an additional £65 billion ($91 billion) of support for an economy ravaged by the coronavirus pandemic, extending job support programmes and temporary tax cuts to help workers and businesses in his annual budget.

“An important moment is upon us,” Sunak told the House of Commons. (Yahoo)

Chancellor of the Exchequer Rishi Sunak told the House of Commons that it is too soon for the government to rein in spending, saying that his plans would “protect the jobs and livelihoods of the British people” through September as the government slowly lifts lockdown restrictions.

He also said Britain must be prepared to cut the deficit, announcing plans to increase the tax on corporate profits and boost revenue from personal income taxes in 2023.

“An important moment is upon us,” Sunak told the House of Commons.