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Former Bank of England governor Lord King says income taxes must rise

Summary
Income taxes will have to rise in order to plug Britain's financial blackhole and allow for reforms, the former Bank of England governor has told Sky News. Lord Mervyn King told Sophy Ridge's Politics Hub programme we should all recognise "the very difficult position" that Chancellor Rachel Reeves has "inherited", as he pointed to slow growth, a high budget deficit, large national debt and interest rates rising.

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The IndependentThe Independent

Income tax will have to rise, ex-Bank of England chief warns, as he blasts Reeves

Mervyn King says there is ‘no harm’ in raising the basic rate of income tax as he urged Rachel Reeves to act over ‘silly things’ said before the election

·London, United Kingdom
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Sky News UKSky News UK

Former Bank of England governor Lord King says income taxes must rise | Politics News | Tech, Entertainment, Sport, Fashion, Travel News

Income taxes will have to rise in order to plug Britain’s financial blackhole and allow for reforms, the former Bank of England governor has told Sky News. Lord Mervyn King told Sophy Ridge’s Politics Hub programme we should all recognise “the very difficult position” that Chancellor Rachel Reeves has “inherited”, as he pointed to slow […]

·United Kingdom
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City AMCity AM

Income tax will need to rise to fund defence push, Mervy King says

The government will likely need to increase income tax in order to fund higher defence spending and “oil the wheels” of public service reform, the former Governor of the Bank of England said. Speaking on Sophy Ridge’s show on Sky News, Mervyn King acknowledged the government was in a “very difficult position,” but criticised it for a lack of ambition. “When you’re facing a very difficult position, it pays to be bold and ambitious. And I don’t th…

·London, United Kingdom
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Great Yorkshire RadioGreat Yorkshire Radio

Former Bank Of England Governor Lord King Says Income Taxes Must Rise - Great Yorkshire Radio

Lord Mervyn King told Sophy Ridge’s Politics Hub programme we should all recognise “the very difficult position” that Chancellor Rachel Reeves has “inherited”, as he pointed to slow growth, a high budget deficit, large national debt and interest rates rising. But he suggested rather than employers’ national insurance contributions, employees’ income tax is what should have been hiked when Ms Reeves announced her budget in October. Lord King said…

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Sky News UK broke the news in United Kingdom on Wednesday, February 26, 2025.
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