US EditionBritain’s unpopular government prepares a high-stakes budget and hopes for growth
The Labour government aims to reduce 95% national income debt with tax hikes, pension boosts, and a train fare freeze amid sluggish growth and high inflation, officials said.
- On Wednesday, Treasury chief Rachel Reeves will deliver the annual budget expected to bring more tax hikes to fix public finances and spur growth after last year’s reset.
- Facing squeezed public finances after pandemic and war shocks, the United Kingdom spends more than 100 billion pounds a year servicing debt at around 95% of national income.
- Mixed pre-budget signals included a brief threat of income tax rises as Reeves reversed course, with plans for a mansion tax, pay-per-mile tax for electric vehicle drivers, pension boost, and train fare freeze.
- The budget raises political stakes as Prime Minister Keir Starmer faces Labour lawmakers' concern over poor poll ratings while Reform UK and Nigel Farage lead, and analysts warn the bond market could sharply raise borrowing costs if investors lose faith.
- Scottish retailers warn closures are accelerating ahead of the Budget as two more stores shut last week, with Bira urging the Scottish Government to match Westminster relief and ministers freezing the basic property rate up to £51,000 for 2025/2026.
13 Articles
13 Articles
UK's Treasury chief set to raise taxes once again in a high-stakes second budget
Britain's Labour government is set to deliver its second budget since returning to power in 2024. Treasury chief Rachel Reeves plans to announce tax-raising measures to address a gap in public finances. Reeves had previously stated that last year's budget…
UK's Treasury chief set to raise taxes once again in a high-stakes second budget
Britain's Labour government is set to deliver its second budget since returning to power in 2024. Treasury chief Rachel Reeves plans to announce tax-raising measures to address a gap in public finances. Reeves had previously stated that last year's budget…
UK's Treasury chief set to raise taxes once again in a high-stakes second budget
LONDON (AP) — Following weeks of speculation and mixed signals, Britain’s center-left government will deliver a budget Wednesday aimed at pleasing financial markets, businesses and jaded voters — an all-but-impossible task for an already unpopular administration. In her second annual budget since the Labour Party returned to power after 14 years with a landslide election victory in July 2024, Treasury chief Rachel Reeves is set to tell lawmakers…
UK's Treasury chief set to raise taxes once again in a high-stakes second budget
Following weeks of speculation and mixed signals, Britain's center-left government will deliver a budget Wednesday aimed at pleasing financial markets, businesses and jaded voters — an all-but-impossible task for an already unpopular administration.In her second annual budget since the Labour Party returned to power after 14 years with a landslide election victory in July 2024, Treasury chief Rachel Reeves is set to tell lawmakers that more tax-…
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