Tax hike warning

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Chancellor urged not to raise taxes to cover no-deal support Rishi Sunak has been urged to avoid tax rises to meet the cost of a no-deal Brexit. While Conservative MPs have expressed support for plans for financial measures targeted at the sectors that would be hardest hit, they have urged the Chancellor not to increase taxes to pay for any rise in state spending. Commenting on how to cover the cost of a bailout package for farmers and fishermen, MP John Redwood said: "Of course not tax rises, that would actually probably reduce revenue. I think tax cuts would increase revenue, which would be a good idea." MP Marcus Fysh, deputy president of the Board of Trade, commented: “We need to have tax settings and other regulatory settings to make Britain the best place to invest. I don’t think higher taxes are a sensible part of such a setting.” “Things like capital gains tax is just the wrong area to be looking at, because it will directly penalise investment and innovation,” he added.

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