UK government is lowering payroll taxes and fuel duties in an effort to alleviate the effects of the worst cost-of-living crisis in decades. Despite inflation reaching a record 30-year high above 6%, the government resisted proposals to levy a new windfall tax on oil business earnings in order to provide more assistance for people.
Rishi Sunak, the finance minister, said on Wednesday that he will reduce the levy on gasoline and diesel by 5 pence (7 cents) per litre for a year in the UK. The government would also raise the payroll tax threshold, amounting to a £330 ($435) yearly tax savings for about 30 million individuals, and lower the basic rate of income tax beginning in April 2024.
“Cutting taxes means people get immediate relief from rising living costs,” Sunak said in a speech to parliament. Sunak, on the other hand, did not announce a windfall tax on energy companies, which was a key demand from campaigners protesting the high cost of living. Oil behemoths BP (BP) and Shell (RDSA) generated a combined $32 billion in profit last year.
Also read:- Ashleigh Barty calls off tennis career
Are you guys excited about Mathhew Lillard's show Five Nights at Freddy. we are sure…
Fox News selected Jesse Watters as a new prime time host for its new 8…
Jill Tracy Biden an American educator, and the current first lady of the United States…
Xi Jinping made a three-day visit to Moscow and it has been marked as a…
The chairman of the Indian Space Research Organisation Sreedhara Panicker Somanath stated on Wednesday…
According to the reports, British minister Oliver Dowden said in recent meeting, that the government…