Government considering 'stealth raid on pensions' as new measure to meet £50 billion black hole
Rishi Sunak has warned that "the government cannot do everything", while pledging to get a grip on inflation, as the UK faces its longest-ever recession,The Prime Minister said he was doing everything possible to tackle inflation and curb rises in mortgage repayments, after the Bank of England raised interest rates to slow rising prices.
Mr Sunak said it was important the Government was honest with voters about the "trade-offs" the country faced in Chancellor Jeremy Hunt's forthcoming autumn statement. "Everyone appreciates that the Government cannot do everything. The latest tax rise news comes after reports that Mr Hunt is also planning to increase the headline rate of capital gains tax, which targets the profits made from selling assets.The government is also looking at changing the reliefs and allowances on the tax, alongside an increase in dividend taxes, and a cut to the tax-free dividend allowance from £1,000 to £2,000, in its autumn statement on November 17.
“That is because tax rules that were meant to be a workplace benefit are becoming a workplace penalty. This is the economics of the madhouse.”
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