These are the taxes voters would most like to see rise

LONDON, UNITED KINGDOM - OCTOBER 26: Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street after attending the first cabinet meeting chaired by Prime Minister Rishi Sunak in London, United Kingdom on October 26, 2022. (Photo by Wiktor Szymanowicz/Anadolu Agency via Getty Images)
Chancellor Jeremy Hunt is looking to fill the shortfall equally between tax rises and spending cuts. (Getty)

The government is considering tax rises for millions as it tries to fill a black hole of up to £50bn in the public finances.

Chancellor Jeremy Hunt wants to plug the gap equally between tax rises and spending cuts in his autumn statement on 17 November, according to the Daily Telegraph.

More people will also likely be dragged into higher tax bands, the newspaper added, as wages increase after the chancellor and prime minister agreed to freeze the thresholds at which people start to pay the different income tax rates and national insurance.

A new YouGov poll has now revealed the taxes voters would most like to see go up, which includes the top rate of income tax (52%), corporation tax (47%) and capital gains tax (33%).

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The taxes Brits most want to see rise are. (YouGov)
The taxes Brits most and least want to see rise. (YouGov)

The study also revealed the taxes people least want to rise, which are basic rate income tax (50%), council tax (49%), national insurance (35%) and VAT (35%)

The latest YouGov tracker poll from 9 October asking "are we taxing and spending the right amount?" showed 36% of people thought we tax and spend too little, while 26% thought it was too much, with a further 10% agreeing we got it just right.

Meanwhile, public sector workers face deep real-terms cuts to wages in the autumn statement, according to The Times.

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That newspaper reported that the Treasury was looking at an increase of 2% across the board for 2023-24, at a time when inflation is expected to be well above that threshold.

A Resolution Foundation study also suggested the new administration could save £9bn by choosing not to raise benefits and pensions in line with rising prices next year.

It said any such move would have a “huge” impact on those struggling, with a low-income working family with two children losing around £750 and a pensioner £342.

A Treasury source said that “no decisions have been taken” and the “independent pay review body process takes place next year”.

With BP unveiling profits that doubled to more than £7.1bn in the three months to September, pressure is also continuing to mount for an enhanced windfall tax on oil and gas giants to help fill the Treasury coffers.

COP26 president Alok Sharma, who Sunak demoted from the cabinet, said: “We need to raise more money from a windfall tax on oil and gas companies and actively encourage them to invest in renewables.”

Another option open to the chancellor would be to “go full circle” on the mini-budget by reinstating the health and social care levy – a move that would raise £15bn by 2026-27.

Around £2bn could also be raised by extending the “stealth” freezes in income tax thresholds by a further year to 2026-27.