According to a report from the Sunday Times, British Prime Minister Boris Johnson and Finance Minister Rishi Sunak are likely to trim personal taxes rates before the next election.

Sunak has the challenging task of telling voters and lawmakers on how the government will raise funds in order to pay for the coronavirus bailouts.

“The finance minister will outline an “arc” on taxation in November’s budget, under which the wealthy will pay heavier taxes, with cuts to follow in 2023 or 2024,” said the report.

While Sunak does not currently have a plan to introduce changes in inheritance tax, Johnson is not prepared to sanction a rise in income tax, national insurance or value-added tax slabs.

Last week, media reports have stated, the finance ministry was looking at introducing sweeping tax measures, reports which Sunak said, were speculation.

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