Sunak hints at tax rises in UK budget

British chancellor Rishi Sunak.

The UK’s chancellor Rishi Sunak has promised he will be “honest” with the British public, signalling potential tax rises ahead to fill the gaping hole in the UK’s finances wrought by the pandemic.

“We do have a challenge in our public finances and if we don’t do anything, borrowing will continue to be at very high levels even after we’ve recovered from Covid; debt will continue to rise indefinitely,” Mr Sunak said. “That’s not a good situation.”