US EditionRachel Reeves not expected to raise taxes in spring statement
- Rachel Reeves is not expected to raise taxes in her Spring Statement on March 26, despite pressures from reduced growth forecasts and a fiscal black hole of £15 billion to £20 billion.
- In October, Reeves implemented a £25 billion increase in employer National Insurance, affecting working people through lower wages and higher prices, which she had previously claimed would not happen.
- Critics, including Labour Leader Sir Keir Starmer, argue that any tax changes would unfairly impact working people, and that Reeves is under immense financial and political pressure to find funds without breaking promises.
- Experts warn that Reeves may implement hidden tax strategies, potentially generating significant revenue from increased fines for late tax returns.
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As Spring Statement looms: Here are five key proposals that could hit you in the pocket
Chancellor Reeves must either raise taxes again or make sweeping cuts to services, leading economists have warned. The Labour Chancellor raised taxes by a whopping £40billion in her bombshell budget in October 2024, but her plans failed to spark growth and prompted an exodus of wealth and business confidence.As pensioners, farmers and businesses licked their wounds from punishing new taxes, the £10billion fiscal headroom the Chancellor left hers…
·London, United Kingdom
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Leaning Left4Leaning Right6Center2Last UpdatedBias Distribution50% Right
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R 50%
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