Financial Times: Sunak signs off on tax rises to help plug £50bn hole

Rishi Sunak is set to sign off on raising taxes across the board as the new British prime minister looks to plug a £50bn hole in public finances, Report informs, citing the Financial Times.

Treasury insiders said that Sunak and chancellor Jeremy Hunt had agreed on Monday that while “those with the broadest shoulders should be asked to bear the greatest burden”, everybody’s taxes would go up.

A Treasury official said after the bilateral meeting: “It is going to be rough. The truth is that everybody will need to contribute more in tax if we are to maintain public services.

“After borrowing hundreds of billions of pounds through Covid-19 and implementing massive energy bills support, we won’t be able to fill the fiscal black hole through spending cuts alone.”