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UK's Reeves paves way for tax rises in her next budget
- On Tuesday, Chancellor Rachel Reeves refused to rule out tax increases in a Downing Street pre-Budget speech, prioritizing NHS waiting lists, the cost of living, and national debt ahead of the Autumn Budget on November 26.
- OBR forecasts show downgrades could add as much as £20 billion to the Chancellor's costs, with government debt rising from £2.53trillion to £2.71trillion and inflation at 3.8%.
- Reeves has flagged options including higher council tax bands, a mansion tax on homes worth more than 2 million, and income-tax threshold freezes, experts say.
- Analysts say Reeves will likely raise taxes to avoid spending cuts, despite Labour Party manifesto ruling out VAT, National Insurance and income tax hikes, with the shadow chancellor warning of consequences.
- To meet her fiscal rules, Reeves aims to have a bigger headroom than the current 10 billion, which she considers too small to guard against shocks.
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28 Articles
UK's Reeves paves way for tax rises in her next budget
British finance minister Rachel Reeves paved the way for broad tax rises to avoid a return to "austerity" on Tuesday, framing her second annual budget as one of "hard choices" to protect public spending while reducing Britain's debt.
·United Kingdom
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Reeves tells UK to get ready for 'hard choices' in budget
British finance minister Rachel Reeves has today paved the way for broad tax rises to avoid a return to "austerity", framing her second annual budget as one of "hard choices" to protect public spending while reducing Britain's debt.
·Ireland
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Coverage Details
Total News Sources28
Leaning Left5Leaning Right3Center8Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 31%
C 50%
R 19%
Factuality
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