UK Markets closed
  • FTSE 100

    6,915.75
    +30.43 (+0.44%)
     
  • FTSE 250

    22,251.26
    +90.66 (+0.41%)
     
  • AIM

    1,236.50
    +6.64 (+0.54%)
     
  • GBP/EUR

    1.1517
    -0.0053 (-0.46%)
     
  • GBP/USD

    1.3706
    -0.0032 (-0.2316%)
     
  • BTC-GBP

    43,402.39
    +632.09 (+1.48%)
     
  • CMC Crypto 200

    1,235.89
    +45.20 (+3.80%)
     
  • S&P 500

    4,128.80
    +31.63 (+0.77%)
     
  • DOW

    33,800.60
    +297.03 (+0.89%)
     
  • CRUDE OIL

    59.34
    -0.26 (-0.44%)
     
  • GOLD FUTURES

    1,744.10
    -14.10 (-0.80%)
     
  • NIKKEI 225

    29,768.06
    +37.26 (+0.13%)
     
  • HANG SENG

    28,698.80
    +24.00 (+0.08%)
     
  • DAX

    15,234.16
    +57.76 (+0.38%)
     
  • CAC 40

    6,169.41
    +38.75 (+0.63%)
     

Warning to Tory MPs threatening to vote against Budget

Nicholas Cecil
·1-min read
<p>Mr Sunak faces the fraught task of trying to rebuild the UK’s shattered public finances  </p> (REUTERS)

Mr Sunak faces the fraught task of trying to rebuild the UK’s shattered public finances

(REUTERS)

A cabinet minister today issued a warning to Tory MPs threatening to vote against the Budget if Chancellor Rishi Sunak unveils tax hikes.

Justice Secretary Robert Buckland stressed that the Budget was “central” to the Government’s programme and that historically, administrations that failed to get Commons backing for it resigned.

Former Brexit secretary David Davis is among backbenchers warning against raising taxes, suggesting that it would lead to the loss of constituencies in the North.

However, Mr Sunak faces the fraught task of trying to rebuild the UK’s shattered public finances while not choking off the economic recovery after three lockdowns.

The Times reported that he is drawing up plans for “stealth taxes” by freezing the threshold at £50,000 for paying the higher rate of income tax and also the lifetime pension allowance at just over £1 million before heavy levies kick in.

Downing Street has warned Conservative MPs that they could lose the party whip if they vote against the Budget, which will be held on Wednesday.

Read More

Covid UK LIVE: Vaccine passports for Europe ‘available before summer’ as Queen hails coronavirus jab