He aims to collect an additional £30 billion in taxes.

VTV.vn - The UK Treasury has announced plans to significantly increase taxes to stabilize the economy and reduce the burden of living costs for citizens.

Customers shop at a supermarket in London, England. Photo: AFP/VNA

The UK government aims to collect an additional £30 billion in tax revenue between 2030 and 2031. To achieve this, the UK will maintain current personal income tax rates for the period 2028-2031, a move contrary to the Labour Party's previous commitment to reduce the tax burden on British workers.

In addition, the British government will also increase taxes on online gambling and high-value properties, as well as impose mileage-based charges on electric vehicle users.

Analysts suggest that some key measures will only take effect from 2028, near the end of the current Congressional term, and will allow the Labour Party to reverse some tax increases if the economy grows more strongly than projected.

In addition to increasing revenue, UK Finance Minister Rachel Reeves also announced a multi-billion pound spending package to support citizens, including raising the minimum wage and pensions above inflation; reducing energy bills; keeping train fares and prescription drug fees unchanged; shortening wait times at the National Health Service (NHS); boosting youth employment; supporting retail and service businesses; and accelerating housing construction and infrastructure upgrades.

The budget was announced against the backdrop of a challenging British economy, with projected growth slowing between 2026 and 2029, a budget deficit of nearly 5% of Gross Domestic Product (GDP), and rising inflation and unemployment.

However, the tightening of fiscal discipline was positively received by the market, as evidenced by the appreciation of the pound against the dollar and the euro, while government bond yields fell slightly.

Source: https://vtv.vn/anh-dat-muc-tieu-thu-them-30-ty-bang-tu-thue-100251128064156931.htm