The UK Chancellor of the Exchequer has put forward a proposal to increase a tax for the richest British residents to tackle the financial problems caused by the coronavirus pandemic. UK authorities are already considering the potential tax hike and discussing it with executives at major banks. They are planning to put it into effect in the near future. This measure is expected to help ease the burden on a large part of the country's population and replenish the public purse without straining lower income citizens.
London has launched one of the most ambitious assistance programs in the world to help its residents and businesses affected by the COVID-19 pandemic. These community support measures will cost the government 133 billion pounds. In addition, the RSA Future Work Center advised the UK government to provide every British citizen with a payment in the amount of 2.5 thousand pounds sterling per year. According to the analytical center, this measure will significantly speed up the economic recovery and allow the population to pass through the crisis. The introduction of a basic income could save the British economy, experts believe.
The Ministry of Finance has not unveiled any details on its plan yet. However, the economists surveyed believe that the government is likely to raise a tax on savings, capital gains, VAT, or property. In addition, wealthy Britons can allocate funds for state aid programs in connection with the coronavirus situation of their own accord.