The Chancellor, Rishi Sunak is planning to announce in his March budget to raise taxes to plough more funds back into the nations finances.
Sunak is likely to raise coporation tax which is the fairest way to start raising funds and Sunak will target business profits.
A senior Whitehall source said, “Things would have to go pretty badly wrong for us not to begin some consolidation in the budget.”
Government Ministers are also looking into scrapping council tax and stamp duty, which could be replaced with a proportional property tax which will be levied on the value of homes.
Currently countil tax is calculated on the 1991 property valuations, and stamp duty will enable families to scale up and others to scale down when purchasing a new home.
Another government source said, “Now that we have secured a trade deal with the EU, it is finally time for the UK to take advantage of its hard-won, new-found freedoms.”
Over the weekend the Chancellor said, “Now that we have left the European Union, we have an opportunity to do things differently and this government is committed to making the most of the freedoms that Brexit affords us.
“This isn’t about lowering standards but about raising our eyes to look to the future, making the most of new sectors, new thinking and new ways of working.”