Rishi Sunak is preparing to slash taxes for bankers and patriots as the working poor see National Insurance hiked and Universal Credit uplifts cut.
Last week it was announced that the chancellor is planning to reduce a tax surcharge on bank profits by more than 60 per cent in the upcoming budget.
He is rumoured to be cutting the surcharge from 8 per cent to 3 per cent from April 2023 in a bid to keep banking activity in the UK healthy in an era of higher corporation tax rates.
And to add insult to injury, he has now announced that shipping companies who hoist the Union Jack on their vessels will also stand a better chance of being accepted into the UK tonnage tax scheme from April 2022, offering more generous rates to the big corp logistics companies.
“The UK has always been a proud and preeminent maritime nation, with 95 per cent of our trade in goods carried out by sea,” the Chancellor told the Telegraph.
“Now we have left the EU, it’s time for us to do even more to help the UK shipping industry to grow and compete in the global market.”
But while bankers and patriots are set to be prioritised, millions of working poor in Britain face a tough winter as National Insurance contributions go up, Universal Credit uplifts are cut and energy bills rise.
Despite a small increase in the National Living Wage, there are questions over whether the hike is enough to support families facing a cost of living crisis.
Shadow chief secretary to the Treasury Bridget Phillipson said the rise was an “underwhelming offer”, adding that it is “clear that Labour is the only party serious about improving the prospects of working people.”
After months of state intervention during the pandemic when the Tories were forced to advocate for socialistic policies, it looks like the veil is finally about to lift.
Now we will start to see the Conservative’s real post-Brexit agenda.
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