United Kingdom announces digital services tax on tech giants

30 October, 2018, 20:11 | Author: Lillian Steele
  • UK announces digital services tax on tech giants

Hammond used Monday's Budget to announce a £100bn loosening of the purse-strings.

Mrs May says she is not planning to have a snap General Election as had been speculated, as it "would not be in the national interest".

"Yesterday, we confirmed that announcement that we had made in the summer of giving the biggest single injection of extra money into our National Health Service in its history".

The U.K. government expects to generate 400 million British pounds in new tax revenue as a result.

Meanwhile, Tottenham MP and ex-culture minister David Lammy said: "We should not be supporting tax cuts that disproportionately help the wealthy".

The Chancellor also insisted that his Budget tax cuts and spending hikes were not meant to woo voters ahead of an early poll.

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"Our hearts are with the four fearless police officers who were shot and injured while trying to stop the attack", she added. We've been here 154 years and you can cut off some branches, but the tree will continue to grow, and we will be back".

Asked whether this was the case on ITV's Good Morning Britain he said: "I hope not". Hammond has warned that if Britain endures a no-deal Brexit and crashes out of the European Union on 29 March next year, he would be prepared to deliver a spring Budget to meet the financial problems that would cause.

Yesterday's budget did indeed contain measures created to increase the tax bills of the transatlantic tech giants, with the chancellor outlining a plan to make as much as £400m a year from the introduction of the UK Digital Services Tax in 2020.

Former work and pensions secretary Yvette Cooper tweeted: 'People on £90-100k a year will get tax cut worth GBP860 in April, those on £125k will get £600 - far more than low-paid workers, at a time when child poverty is going up, benefits are being cut, vital council services are being cut, police are badly overstretched.

To get himself out of that corner, the chancellor would have to raise taxes, or more likely, continue to borrow money, the IFS said.

Speaking to the Today Programme earlier, the Chancellor, Philip Hammond, defended his spending decisions.

Torsten Bell, director of the Resolution Foundation think tank, said: "Labour says it will support the income tax cuts announced yesterday - nearly half of which goes to the top ten per cent of households alone".



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