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The UK will put in place plans to increase income tax by 6 billion pounds

Rishi Sunak is considering bringing back the rate of small profits to support small and medium-sized businesses. (AP photo)

The Times reported Sunday that British Finance Minister Rishi Sunak will draw up plans to increase income tax by 6 billion pounds.

The report said the chancellor would say he needs to raise more than 40 billion pounds to tackle the budget deficit and protect the economy from rising interest rates on government borrowing.

The government said on Saturday that Sonak will announce an additional £ 5 billion in grants to help companies hit hard by the pandemic shutdown, in its budget.

Separately, the government said Sunak is also expected to announce an initial £ 12 billion equity capital and £ 10 billion in guarantees for a new UK infrastructure bank.

The Telegraph report said Sunak is also considering bringing back the rate of small profits, which George Osborne excluded in 2014, to support small and medium-sized businesses.

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