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Former UK Chancellor says tax cut key for recovery — but outlook far bleaker than thought
Rishi Sunak’s predecessor has said a quick economic bounce back is not likely, and that the furlough scheme, along with other emergency spending measures, should be wrapped up by April 2021. The report, published with the conservative think tank Centre for Policy Studies, warns against a return to austerity, despute the fact the UK is looking at what "would be the largest annual fall in output on record, exceeding both World Wars". One other recommendation made is the move to switch away from pension tax relief based on marginal rates to a flat bonus paid on contributions, regardless of your tax code. The ... (full story)