Belfast Telegraph

George Osborne warns of income tax rises

By Staff Reporter

An emergency austerity Budget featuring £30bn worth of tax rises and spending cuts would be needed within a couple of months of a vote for Brexit in order to stop Britain plunging into an "economic tailspin", Chancellor George Osborne has warned.

Eight days before the June 23 referendum, the Chancellor joined his Labour predecessor Lord (Alistair) Darling to warn that the Government might have to hike the basic rate of income tax by 2p to 22% and raise the higher rate to 43% to fill the "black hole" in the public finances which ministers expect if Britain pulls out of the EU. Pro-Brexit Tories branded the idea a "punishment Budget" and said they would vote to block it.

Belfast Telegraph

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