US EditionRachel Reeves Will Be Hoping This Budget Buys Her some Time
Rachel Reeves aims to address a £20 billion spending shortfall, counter Reform UK’s rising support, and maintain fiscal stability while managing internal Labour party tensions.
- On November 26, Chancellor Rachel Reeves will use her second Budget to combat the cost-of-living crisis and retain backbench Labour support, saying `Today I will take the fair and necessary choices to deliver on our promise of change.`
- With the Office for Budget Responsibility expected to downgrade projections, Labour polling shows 19%, and Reeves has abandoned growth rhetoric amid political pressures.
- Treasury papers indicate the Treasury faces a 20 billion fiscal hole after shocks, prompting Reeves to build fiscal headroom of 15 billion-20 billion and consider scrapping the two-child benefit cap .
- Appease Labour MPs by offering giveaways on cost-of-living and wealth taxes, Chancellor Rachel Reeves aims to control spending while facing backbench anger that could threaten her leadership.
- Investors will watch bond-market investors for credible plans to reduce government borrowing costs, as analysts warn a 'smorgasbord' of tax rises risks fiscal credibility.
24 Articles
24 Articles
Budget puts Labour under pressure from Left and Right
Today’s Budget was perhaps the last big set piece for Rachel Reeves and Keir Starmer to shore themselves up before the local and devolved elections in May next year. Despite the OBR’s leak, it appears to have not spooked the markets all too much. There was an obvious political angle to the winners it created, but Labour’s fortunes will hinge on the broader economic impact, both in people’s pockets and on public services. Among Labour MPs, the ab…
Reeves acknowledges anger over economic unfairness as she prepares to hike tax
Chancellor Rachel Reeves will deliver her Budget as she battles to turn around the Government’s fortunes. Rachel Reeves acknowledged public anger and frustration at the state of the economy as she prepared to announce further tax hikes to balance the books. The Chancellor is widely expected to extend a freeze on personal tax allowances, which will mean almost one million more people being dragged into paying income tax as she searches for revenu…
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