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Budget 2025: Rachel Reeves Calls for Labour MPs to Unite - but Admits They Might Not Like Everything
Labour’s manifesto limits tax hikes as the Treasury weighs over 100 measures to address a £20-30 billion deficit, while Scottish small firms face declining confidence and frozen investment.
- On Wednesday, Chancellor Rachel Reeves must find a predicted £30 billion to meet self-imposed fiscal rules as the Autumn Budget looms amid higher-than-forecast borrowing.
- The UK Treasury has considered more than 100 options in recent weeks to close a £20–£30 billion shortfall, while Labour party’s manifesto pledge limits income tax, national insurance, and VAT increases.
- The Treasury has repeatedly put a wide range of measures on, off and back on the table, including income and capital gains tax rises, and proposals like the 'milkshake tax' and 'exit tax' in recent weeks.
- In Scotland, small firms sustain nearly a million jobs and turn over £93b, but the Federation of Small Businesses' Small Business Index shows confidence at one of its lowest levels with just 6% expecting growth and many freezing investment.
- Because uncertainty deters investment, reports suggest raising the employment allowance from £10,500 and increasing the VAT threshold to £90,000 to support small firms.
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Budget 2025: Rachel Reeves calls for Labour MPs to unite - but admits they might not like everything
The chancellor was quoted as saying: "I'll show the media, I'll show the Tories, I will not let them beat me, I'll be there on Wednesday, I'll be there next year, and I'll be back the year after that."
·United Kingdom
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Can Labour afford to raise taxes?
With the Autumn budget looming, the government has some tough decisions to make. Rachel Reeves has to find a predicted £30bn in extra revenue to meet her self-imposed fiscal rules. But as part of its manifesto pledges, Labour promised not to raise income tax, national insurance or VAT. And after a crushing defeat in Wales last week, what can the government actually get away with without angering the public further? Anoosh Chakelian is joined by …
·London, United Kingdom
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Coverage Details
Total News Sources16
Leaning Left5Leaning Right4Center1Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
R 40%
Factuality
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