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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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Pound Falls, UK Borrowing Costs Ease as Reeves Signals Tough Budget Ahead
Britain’s finance minister, Rachel Reeves, delivered a rare pre-budget speech on Tuesday, laying the groundwork for her November 26 budget. She described it as one of “hard choices,” emphasizing fiscal discipline and a commitment to reducing national debt. Reeves hinted at broad-based tax increases to protect public services while steering clear of a return to […] The post Pound Falls, UK Borrowing Costs Ease as Reeves Signals Tough Budget Ahead…
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Total News Sources50
Leaning Left8Leaning Right5Center14Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
L 30%
C 52%
R 18%
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