Starmer and Reeves hint at tax rises to come ahead of unusual pre-budget speech today
Chancellor Rachel Reeves plans tax rises to address a £30 billion to £50 billion fiscal shortfall, focusing on fairness, NHS waiting lists, cost of living, and national debt reduction.
- Chancellor Rachel Reeves will use a Downing Street address on Tuesday to set out pre-Budget priorities including cutting NHS waiting lists, the national debt and the cost of living ahead of the November 26 Autumn Budget.
 - The IFS warns Reeves faces a £22 billion gap to restore the £10 billion of fiscal headroom, with OBR forecasts potentially adding £20 billion to costs, last week.
 - Officials say possible measures include a mansion tax for homes worth more than 2 million, higher council tax bands, and a 2p employee NI cut to raise £6 billion overall.
 - Labour's manifesto explicitly ruled out VAT, NI or income tax rises, but No 10 Downing Street spokesperson refused to re-commit, fuelling speculation and calls for Rachel Reeves to be sacked if she breaks promises.
 - The Treasury is scrambling to plug a black hole of up to £50bn in the public finances, increasing pressure for large measures as millions of middle-income earners face higher levies to meet fiscal rules and public debt targets by 2029-30.
 
31 Articles
31 Articles
Reeves prepares for tax rises in Budget as global and domestic pressures bite
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Chancellor Rachel Reeves said the Budget would be focused on “getting inflation falling” and “creating the conditions for interest rate cuts”
Can Rachel Reeves take back control?
Listen on Spotify Apple Music Amazon Music Sky News The Chancellor breaks the norm by making a speech in Downing Street 22 days ahead of the budget – with everyone closely watching for what exactly she says on tax rises. Sam and Anne consider why Rachel Reeves is doing it now and how budget preparations have changed since Liz Truss’ days. We’re not expecting new policy from the Trea…
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