Brexit Budget Could Introduce “Tax Hikes”

Brexit Budget Could Introduce “Tax Hikes”

Chancellor George Osborne said there would be a £30bn black hole in public finances once the UK votes for an exit from the European Union. The Chancellor said he would need to hold an emergency meeting as soon as possible.

Former Labour Finance Minister Alistair Darling had concurred with Osborne, stating that leaving the European Union would mean an emergency Brexit budget with huge tax hikes taking its toll on Britons. Spending cuts and further austerities may be needed to resolve certain budget issues that could possibly arise.

The following is highlighted by the Chancellor:

-The basic rate of income tax would increase by 10%, climbing to 22p in the pound

-The top rate would rise 3p to 43%

-Inheritance tax would go up 5p to 45p in the pound

An emergency Budget would also include the NHS budget cut by £2.5bn, defence by £1.2bn, and education spending down by £1.15bn, according to Mr Osborne.

“Quitting the EU would hit investment, hurt families and harm the British economy,” he will say.

“As Chancellor, I would have a responsibility to try to restore stability to the public finances and that would mean an emergency budget where we would have to increase taxes and cut spending.

“Far from freeing up money to spend on public services as the Leave campaign would like you to believe, quitting the EU would mean less money. Billions less. It’s a lose-lose situation for British families and we shouldn’t risk it.”

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