Johnson Looks to Head Off Rebellion Over $17 Billion Tax Hike

U.K. Prime Minister Boris Johnson appeared to see off a Conservative Party rebellion over a 12-billion pound ($17 billion) annual tax hike after announcing that pensioners and shareholders would also take a hit to help fund the National Health Service and reform social care.

The government will hold a House of Commons vote on its new tax package on Wednesday, after several previously skeptical Members of Parliament welcomed the plan.

WATCH: U.K. Prime Minister Boris Johnson unveils a 12-billion pound ($17 billion) annual tax hike.

Source: Bloomberg)

National insurance, a payroll tax, will rise by 1.25 percentage points from next year -- breaking the Conservative Party’s key manifesto pledge not to increase any of the main ...