Rishi Sunak urged not to 'hammer' businesses by Mullins
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Charlie Mullins has spoken out ahead of the Chancellor’s Spring Budget on Wednesday. Rishi Sunak is expected to announce long-awaited details in regards to the UK’s finances as the Government looks to jump-start the economy. Mr Mullins has insisted Mr Sunak needs to steer clear of heavy taxes on already struggling businesses. He says the Government’s main focus should be getting people back to work, something that would be endangered if businesses just recovering from the pandemic are slammed with a hefty new tax burden.
Mr Mullins told Express.co.uk: “We know that taxes are going to go up.
“We know a hell of a lot of things are going to go up.
“But just think they need to get things right first.
“The first thing we need to do before we put anything up is get people back into work.”
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The entrepreneur continued: “I know from a business point of view the more tax we have to pay the less it incentivises you.
“But don’t hammer businesses unnecessarily.
“Obviously you know they have all have to pay their way,
“We have all got to contribute to it.”
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The budget comes as the latest figures show the UK economy contracted by 9.9 percent last year as unemployment rose to 5.1% in the three months to December.
Taxes are likely to go up, which won’t come as a surprise to many given the excessive spending proven necessary through the pandemic.
Former Tory leader William Hague has written: “It pains me to say, after spending much of my life arguing for lower taxes, that we have reached the point where at least some businesses and personal taxes have to go up.”
The government has borrowed a record £270bn so far in the fight against the pandemic and has to come up with a way of paying it back.
Mr Sunak said he will use the Budget to “level” with the public about the challenges facing the economy and the need to repay the vast amounts of public money spent during the pandemic.
According to reports, Mr Sunak is likely to announce several tax increases.
There are rumours he will raise corporation tax from its current level of 19 percent to 23 percent, which is still below the G7 average.
There are also rumours he will freeze the personal income tax allowance, which usually rises in line with inflation, pushing many taxpayers into higher bands.
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