British Treasury officials are pressing for tax increases

Two major British newspapers reported that Treasury officials are pushing for an increase in taxes to fill the gaps in the state's public finances due to the coronavirus pandemic, according to what was published by "Reuters".

The Sunday Telegraph newspaper reported that this increase will allow the Finance Ministry to raise at least 20 billion pounds (26.70 billion dollars) annually, some of which may enter into force in the November budget.

The Sunday Times newspaper said officials were laying out plans to levy taxes to collect 30 billion pounds from the wealthy, corporations, pensions and foreign aid.

The Sunday Times said the government plans in its budget to increase the capital gains tax and the corporate tax.

The newspaper added that the Finance Minister Rishi Sunak is studying a proposal to raise the corporate tax to 24 percent from 19 percent to raise 12 billion pounds next year, increasing to 17 billion in 2023-2024.

Treasury did not immediately respond to a request for comment sent Sunday.

Data released this month showed that Britain's economic recovery from the pandemic shock is gaining momentum, but the government’s borrowing exceeded the two trillion pounds, while fears of future job losses mount.

The economy still has a long way to go after contracting at an unprecedented rate of 20 percent in the second quarter of the year, the largest decline of any major country.

Sunak had previously said that some taxes would increase in the medium term.