Boris Johnson is drawing up plans to raise the 40p income tax threshold to £80,000 at a cost of almost £10 billion. The number of people paying the 40p rate of income tax has risen steadily from 1.7 million in 1990 to 4.2 million in the current tax year. Hundreds of thousands of additional people started paying higher rate tax after former chancellor George Osborne repeatedly froze the threshold at which the 40p rate was paid. Nations which do not repay money they have borrowed - those which default on their sovereign debt - are punished by international markets. What is a sovereign debt default?

Source: Daily Mail June 10, 2019 00:52 UTC