U.K. First Major Economy to Set Plans to Claw Back Covid-19 Costs

In a possible bellwether for other wealthy countries, the U.K. said Wednesday that it would raise taxes starting in 2023 to cover the heavy costs of the pandemic, as new official forecasts showed a rapid vaccination drive means the economy is on course to make up ground lost to Covid-19 sooner than previously hoped.

The decision puts the U.K. first among its peers to explain how it will pay for the massive government programs aimed at keeping millions of businesses and households afloat over the last year. The U.K. suffered the worst downturn among the Group of Seven advanced economies in 2020 and experienced one of the deadliest coronavirus outbreaks in the world.

The planned tax increases would reverse a decadeslong decline in the corporate tax rate that began in the early 1980s under the leadership of Margaret Thatcher. Britain is on course to recover later this year as a speedy vaccination drive paves the way for reopening its economy. The U.K. has so far administered at least one dose of vaccine to almost one-third of its population, and plans to offer vaccination to all adults by the end of July. The U.S. has so far vaccinated around one-fifth of its citizens. The European Union has given shots to 7.5% of its population.

then with all the taxes rising in Italy we should be the first country in the world🤣😂😂

Repair govt finances hahahahaha

What a way to repair the economy. Looks like they do not know another way. The common people always pays. Just send the bill to China. They were the creator of the virus.

it's a reset, your really getting a reset here FinancialTimes

Well done!

Worth noting that the UK govt actively contributed to the covid nightmare that devastated their economy—and is still exacerbating the problem with “public health advice” like this that defies both science & logic 👇

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