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Starmer and Reeves hint at tax rises to come ahead of unusual pre-budget speech today
Chancellor Rachel Reeves reviews over 100 tax and spending options to address a £20 billion shortfall and meet fiscal rules while focusing on fairness and reducing NHS waiting lists.
- On November 26, Chancellor Rachel Reeves will deliver a Budget widely expected to raise taxes after a Downing Street speech prioritizing fairness, cutting NHS waiting lists, reducing national debt, and easing the cost of living.
- With fiscal buffers squeezed, the Resolution Foundation notes the OBR's downgrade could add 22 billion, requiring Reeves to find 10 billion to restore headroom.
- Reeves is reportedly considering a £4bn cut to pension tax breaks that could cost workers about £210 annually, alongside reviewing a 2p NI cut to raise £6 billion overall.
- Opponents warned that Reeves should be sacked if she `breaks her promises yet again`, as No 10 refused to re-commit to Labour's manifesto pledge.
- Longer term, advisers urged Reeves to double the level of headroom to £20 billion, while a leading think tank warned tax rises are `inevitable` but can reduce child poverty and cost-of-living pressures.
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SNP ministers may be forced to slash public spending or hike taxes due to UK Budget 'hard choices'
The Fraser of Allander Institute estimated a 2p rise in UK income tax could cut Holyrood’s budget by £1 billion due to the fiscal arrangements between Holyrood and Westminster.
·Scotland, United Kingdom
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Coverage Details
Total News Sources66
Leaning Left12Leaning Right6Center22Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 30%
C 55%
15%
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