UK Finance Minister Javid considers tax hike on higher earners in March budget



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UK Finance Minister Javid considers tax hike on higher earners in March budget

UK Finance Minister, Sajid Javid, had been brewing off a plan to implement a tax hike for higher earners at his March 11th budget, a practice widely exercised in the emerging economies, a Financial Times report published late on Friday, the 7th of February 2020, had revealed citing sources familiar with the issue.

Aside from that, UK’s Finance Minister Javid’s latest plan to impose a higher tax on higher earners followed a similar kind of approach raised in the United States cabinet, however, US President Donald Trump backed by a number of potential Republicans alongside Democratic lawmakers had brushed aside the concept branding it a “Soviet-Style-Taxation” or socialist taxation law.

Aside from that, following reveal of Friday’s (February 7th) Financial Times report, several industry analysts and economists were quoted saying that the UK Finance Minister Javid, who had been asked to feed both ‘ices and fires’ at the same time following Britain’s December 12th election where a large number of Labour loyal had voted for the Tories to nail a Brexit by January 31st, could herald a number of metamorphosizing changes in UK’s March 11th budget.

On top of that, in its Friday’s (February 7th) report, the Financial Times was quoted treasury insiders as saying that Javid had been mulling multiple reforms aimed at easing pressures on Britain’s public finances.