US EditionUK think tank says Reeves 4.4 billion pounds in the red on fiscal rules
- Chancellor Rachel Reeves faces pressure to raise taxes or cut spending to address a potential £10 billion shortfall, according to reports from government sources.
- The New Economics Foundation suggests that changes to how the Bank of England manages interest payments to banks could save the UK £55 billion over five years.
- Officials warn that higher rates of tax will affect an additional one million workers due to the freeze on income tax thresholds initially introduced by Rishi Sunak.
- Vince Gomez argues that current policies benefit banks over public services, stating, 'Public money should be spent supporting people, not giving banks a huge bonus.
10 Articles
10 Articles
UK think tank says Reeves 4.4 billion pounds in the red on fiscal rules
British finance minister Rachel Reeves' headroom for meeting her budget rules has probably turned into a 4.4 billion-pound ($5.7 billion) deficit, requiring tough measures next week to get her back on track, a think tank said on Monday.
The hidden £55bn Rachel Reeves could use to save the economy and stop tax hikes – but won’t
With public services under financial strain and the cost-of-living crisis worsening, a possible £55bn in savings is being largely ignored.Chancellor Rachel Reeves could curb rising costs in the upcoming Spring Statement by reassessing how the Bank of England handles interest payments to commercial banks, new analysis shows.Since 2009, the Bank of England has been paying interest on all commercial bank reserves, a policy originally introduced to …
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