US EditionRachel Reeves on course for £24bn tax raid, warns JP Morgan
- Chancellor Rachel Reeves plans to raise taxes by £24.5 billion to manage weakened public finances and maintain a £9.9 billion budget buffer.
- This tax increase follows policies like frozen income tax thresholds until 2028, which could push 4 million people into higher tax brackets by decade’s end.
- Reeves is constrained by Labour’s manifesto commitment to avoid increasing taxes on employees, while also managing a rebellion against £5 billion in welfare reductions and addressing mounting expenditure demands.
- JP Morgan warns that tax rises are almost certain, highlighting potential new levies such as a gambling tax and further welfare cuts to address fiscal challenges.
- Ahead of the June 11 spending review, experts expect Reeves to outline detailed spending plans amid rising borrowing and heightened prospects of autumn tax increases.
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4 Articles
REVEALED: The five tax rises on Rachel Reeves' hit list as Keir Starmer's shock U-turn backs her into a corner
Analysts are sounding the alarm over potential tax rises from Chancellor Rachel Reeves ahead of the Government's spending review on June 11.Prime Minister Keir Starmer has hinted Labour is considering at least a partial reversal of its previous pledge to means-test the Winter Fuel Payment for pensioners.Furthermore, reports suggest Reeves is planning a spending splurge across Red Wall constituency seats in an attempt to fend off the electoral th…
Reeves said that it is impossible to 'invest in development, public services and net zero'
Sign up for the view from Westminster Email for direct expert analysis for your inbox Get our free view from ... Read more The post Reeves said that it is impossible to ‘invest in development, public services and net zero’ appeared first on The Local Report.
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