British Prime Minister Rishi Sunak is considering expanding the top rate of income tax next week after the Treasury warned that more money was needed to protect pensions and benefits, The Telegraph reported on Tuesday.

Raising the 45% top rate, or lowering the 150,000 pounds($173,160.00) annual income threshold at which it kicks in are options now being discussed, the newspaper reported, adding the Treasury is looking at increasing the National Insurance rate paid by employers by 1.25 percentage points.

(Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Chris Reese)