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The chancellor will raise taxes to the highest levels since the 1960s, reports the Times. From 2023 corporation tax will rise from 19% to 25% for the most profitable companies, in a move that will raise almost £50bn over he next five years. The paper says the wealthiest fifth of households will pay an average of £826 more a year in taxes, while lower earning households will pay an extra £56.

Times Front Page 5th of July 2025

Labour’s commitment to safeguarding workers’ pay from tax increases is under strain after the chancellor warned that convenient options for revenue-raising have been exhausted, fuelling concerns of potential financial complications ahead.

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