Britain could face a repeat of the recent meltdown in financial markets if the Government does not raise taxes and slash public spending, Rishi Sunak warned
He added: “We’re all going to be paying a bit more tax, I’m afraid… but it’s not just going to be bad news.
The Chancellor insisted the most vulnerable would receive targeted support and those on higher incomes will have to pay the most. He is also looking at lowering the threshold at which people pay the top 45p rate of income tax from £150,000 to £125,000. A Treasury source said Mr Hunt was not looking at raising VAT.
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