Rachel Reeves could hammer Brits with biggest tax-raising Budget EVER: Chancellor's '£40bn' package hitting NICs, CGT and inheritance tax might top Rishi Sunak's 2021 misery and Lamont's 1993 mega-rai
2 months, 3 weeks ago

Rachel Reeves could hammer Brits with biggest tax-raising Budget EVER: Chancellor's '£40bn' package hitting NICs, CGT and inheritance tax might top Rishi Sunak's 2021 misery and Lamont's 1993 mega-rai

Daily Mail  

Rachel Reeves could hammer Brits with one of the biggest tax-raising Budgets ever in a fortnight. Chancellor Rachel Reeves is preparing to unveil an eye-watering £40billion of tax hikes and spending cuts on October 30 Ms Reeves told the meeting that plans to fill what she has branded a '£22billion black hole' in the UK's finances will be enough only to 'keep public services standing still'. Biggest tax-raising Budgets since 1970 Norman Lamont - Spring 1993: £38.5bn Denis Healey - Spring 1975: £31.4bn Rishi Sunak - Spring 2021: £31.3bn Denis Healey - Spring 1974: £27.4bn Geoffrey Howe - Spring 1981: £26.8bn Gordon Brown - Spring 2002: £24.7bn Ken Clarke - Nov 1993: £20.8bn Gordon Brown - July 1997: £16.2bn George Osborne - June 2010: £14.9bn Denis Healey - 1976: £11.9bn Source: OBR tax measures database She insisted there will be 'no return to austerity' and added: 'We do, all of us have to make some really tough choices because of the inheritance given to us by the Conservatives.' Both the Chancellor and the Prime Minister have insisted a rise in NICs for employers would not break Labour's manifesto pledge to support 'working people', as it would not be a direct tax on employees.

Spring Tax Budget Reeves Rachel Reeves Ms Reeves Rishi Sunak Lamont  spring  public  1993  tax  sunaks  reeves  rachel  ministers  weve  megarai  misery  budget  taxraising  package  cuts  rishi  nics

History of this topic

Labour's borrowing costs surge 'worse than Liz Truss chaos': Rachel Reeves faces spending crisis after interest rates hit 27-year high on fears of 'Stagflation'
3 days, 3 hours ago

Labour's borrowing costs surge 'worse than Liz Truss chaos': Rachel Reeves faces spending crisis after interest rates hit 27-year high on fears of 'Stagflation'

Daily Mail  

Rachel Reeves has been warned that the spike in UK borrowing costs is worse than the crisis that ended Liz Truss's premiership. The interest rate on 30-year gilts - the government's long-term financing vehicle - approached 5.25 per cent yesterday, the highest level for 27 years. Rachel Reeves has been warned that the spike in UK borrowing costs is worse …

Reeves spending review ‘to be next big challenge’ as growth flatlines
2 weeks, 1 day ago

Reeves spending review ‘to be next big challenge’ as growth flatlines

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “She’s not given herself huge wiggle room against her fiscal targets and the spending plans …

Labour tax U-turn? Rachel Reeves refuses to rule out more rises despite CBI pledge
1 month, 1 week ago

Labour tax U-turn? Rachel Reeves refuses to rule out more rises despite CBI pledge

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves refused to rule out more tax rises As MPs voted through the controversial …

UK economy under Labour stalls - what that means for you and your money
1 month, 3 weeks ago

UK economy under Labour stalls - what that means for you and your money

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves has said …

It's official... Rachel Reeves DID deliver the biggest tax-raising Budget on record: OBR watchdog's database shows Chancellor hiked the burden by £41.5bn - MORE than Norman Lamont's notorious 1993 rai
1 month, 3 weeks ago

It's official... Rachel Reeves DID deliver the biggest tax-raising Budget on record: OBR watchdog's database shows Chancellor hiked the burden by £41.5bn - MORE than Norman Lamont's notorious 1993 rai

Daily Mail  

Rachel Reeves has been handed an unwanted historical distinction - as official figures showed her Budget was the biggest tax-raiser on record. Rachel Reeves has been handed an unwanted historical distinction - as official figures showed her Budget was the biggest tax-raiser on record The OBR keeps a database of Budget measures based on the value they were 'scored' at …

Asda chief lashes out at Reeves’s ‘very, very damaging’ Budget
2 months ago

Asda chief lashes out at Reeves’s ‘very, very damaging’ Budget

The Telegraph  

Asda’s chairman has hit out at Rachel Reeves’s “very, very damaging” tax rises, warning it will force the supermarket to look closely at how many workers it can afford to employ. Lord Rose said it was “perfectly” clear that the Chancellor had not delivered a Budget for businesses, saying extra taxes were “disproportionately heavy” on larger companies which employ a …

Spike in UK Borrowing Costs Wipes Out Reeves’ Fiscal Headroom
2 months ago

Spike in UK Borrowing Costs Wipes Out Reeves’ Fiscal Headroom

Live Mint  

The increase in UK borrowing costs since last week’s budget has wiped out all of Chancellor of the Exchequer Rachel Reeves’ headroom against her main fiscal rule, raising the prospect of further tax rises or spending cuts unless the debt picture changes. Tom Josephs, a senior member of the UK’s fiscal watchdog, told lawmakers Tuesday that a 0.3 percentage point …

Rachel Reeves plots pensions industry 'big bang' for investment as she scrambles to stop Budget squeezing growth... while poll finds four in 10 Brits believe high-tax package WILL hit their pockets
2 months, 1 week ago

Rachel Reeves plots pensions industry 'big bang' for investment as she scrambles to stop Budget squeezing growth... while poll finds four in 10 Brits believe high-tax package WILL hit their pockets

Daily Mail  

Rachel Reeves has signalled a pension industry 'big bang' to free up billions for Labour's infrastructure splurge. Rachel Reeves has signalled a pension industry 'big bang' to free up billions for Labour 's infrastructure splurge Your browser does not support iframes. 'In a couple of weeks' time I will deliver my first Mansion House speech setting out my ambitions for …

Will the Budget cost you money - and did Rachel Reeves do a good job? This is Money podcast
2 months, 1 week ago

Will the Budget cost you money - and did Rachel Reeves do a good job? This is Money podcast

Daily Mail  

Rachel Reeves' maiden Budget saw the first-ever female chancellor make £40billion of sweeping tax rises in to plug funding gaps in the NHS and schools. Among the Autumn Budget losers were landlords, investors and those who have stashed wealth in their pension, as stamp duty, capital gains tax and inheritance tax all came under the spotlight. We also dig into …

Chancellor seeks to calm markets amid jitters after Budget borrowing spree
2 months, 1 week ago

Chancellor seeks to calm markets amid jitters after Budget borrowing spree

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves is seeking …

Martin Lewis blasts Rachel Reeves for not coming on his ITV Money Show as he tears apart Autumn Budget in a brutal rant
2 months, 1 week ago

Martin Lewis blasts Rachel Reeves for not coming on his ITV Money Show as he tears apart Autumn Budget in a brutal rant

Daily Mail  

Martin Lewis publicly blasted the Chancellor for not appearing on his popular ITV show yesterday and said she had 'missed the chance to give her interpretation' on the Autumn Budget. Martin Lewis publicly blasted the Chancellor for not appearing on his popular ITV show yesterday and said she had 'missed the chance to give her interpretation' In a package that …

Taxes 'are going to be high for 10 years'... and Rachel Reeves may have to come back for more, warns think-tank
2 months, 1 week ago

Taxes 'are going to be high for 10 years'... and Rachel Reeves may have to come back for more, warns think-tank

Daily Mail  

Even before the dust has settled on Chancellor Rachel Reeves's Budget, it is becoming increasingly apparent that it will be disastrous for Britain. Imposing tax increases on a scale rarely seen outside of wartime, recession or pandemic, and embarking on a colossal borrowing binge to fund public services, she has taken a huge gamble with the economy. The Chancellor Rachel …

Rachel Reeves admits tax hikes will hit working people as IFS accuses chancellor of ‘undermining trust’
2 months, 1 week ago

Rachel Reeves admits tax hikes will hit working people as IFS accuses chancellor of ‘undermining trust’

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “How the Budget red book can include the sentence ‘the …

Has the Reeves Budget made it through Day 2 relatively unscathed?
2 months, 1 week ago

Has the Reeves Budget made it through Day 2 relatively unscathed?

The Independent  

The broadcasters flew no helicopter over the Institute for Fiscal Studies’ modest premises in Bloomsbury on Thursday morning, but the verdict issued by Paul Johnson and his team is almost as important as the Budget itself, which got the full Skycopter treatment. He said her new primary fiscal rule was “sensible”, and that the spending increases look big relative to …

Budget 2024: The chart that reveals the Budget’s real winners – and who will be hit hardest
2 months, 1 week ago

Budget 2024: The chart that reveals the Budget’s real winners – and who will be hit hardest

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery According to the Office for …

Rachel Reeves gambles on £40bn tax rise in her first Budget
2 months, 1 week ago

Rachel Reeves gambles on £40bn tax rise in her first Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rachel Reeves gambled …

Taxes will have to rise further despite Reeves’ £40bn tax grab, IFS director warns
2 months, 1 week ago

Taxes will have to rise further despite Reeves’ £40bn tax grab, IFS director warns

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mr Johnson said: “The growth forecasts are pretty awful, there …

Brits will end up being paid less after Labour's Budget, admits Rachel Reeves as she refuses to rule out MORE tax hikes and economists warn growth will be crushed record burden
2 months, 1 week ago

Brits will end up being paid less after Labour's Budget, admits Rachel Reeves as she refuses to rule out MORE tax hikes and economists warn growth will be crushed record burden

Daily Mail  

This video is no longer available This video is no longer available Rachel Reeves admitted Brits will see lower wages as a result of her Budget mega-raid today - amid warnings she will be back for more. Rachel Reeves on a visit to a hospital in Coventry with Keir Starmer today after delivering her Budget The OBR said the Budget …

Tax calculator UK: Check out how Rachel Reeves’ Budget will affect you
2 months, 1 week ago

Tax calculator UK: Check out how Rachel Reeves’ Budget will affect you

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

DAILY MAIL COMMENT: This was a painful budget - with worse to come
2 months, 1 week ago

DAILY MAIL COMMENT: This was a painful budget - with worse to come

Daily Mail  

There are three kinds of lies, said Mark Twain. In her first Budget, Chancellor Rachel Reeves cynically reneged on those promises with a £40billion tax bombshell. Chancellor Rachel Reeves said the country had 'voted for change' and vowed to 'invest' as she mounts one of the biggest raids in history in the Commons Ms Reeves carried out the traditional photo …

Leaderless Tories can’t comment on biggest Budget for three decades
2 months, 1 week ago

Leaderless Tories can’t comment on biggest Budget for three decades

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The contest will draw to a close on Saturday, with …

Rachel Reeves Unveils Massive Tax Hikes in Historic Budget Speech
2 months, 1 week ago

Rachel Reeves Unveils Massive Tax Hikes in Historic Budget Speech

China Daily  

British Chancellor Rachel Reeves presented her first budget speech to Parliament, outlining the government's fiscal plan and steps to achieve economic stability. The speech included tax rises of 40 billion pounds, a record figure for modern times, along with spending increases in healthcare, housing, and education. Reeves also announced a review of the independent economic forecast unit, the OBR, and …

Rachel Reeves Unveils Bold Fiscal Plan: A Manifesto for Britain's Future
2 months, 1 week ago

Rachel Reeves Unveils Bold Fiscal Plan: A Manifesto for Britain's Future

China Daily  

Rachel Reeves, the British government's finance minister, unveiled her fiscal plan, outlining tax rises and spending increases to restore economic stability and turn the page on the Conservative Party's rule. The plan includes a 40 billion-pound tax rise, a record figure for modern times, along with spending increases in healthcare, housing, and education.

Labour's tax bomb leaves Britons £300 worse off: UK faces highest tax burden ever, businesses are battered by the Budget, wages will fall and inflation will rise
2 months, 1 week ago

Labour's tax bomb leaves Britons £300 worse off: UK faces highest tax burden ever, businesses are battered by the Budget, wages will fall and inflation will rise

Daily Mail  

Britain's growth prospects took a dive last night after Rachel Reeves' £40 billion tax bomb. In the first Labour Budget for 14 years, Ms Reeves: Launched a £25 billion raid on employers' National Insurance, breaking a manifesto pledge not to raise a levy she previously called a 'jobs tax'; Announced an immediate £25 billion cash injection for the NHS, despite …

Reeves uses first Budget to hike taxes, increase...
2 months, 1 week ago

Reeves uses first Budget to hike taxes, increase...

Daily Mail  

Rachel Reeves raised taxes to a historic high and sent borrowing soaring as she gambled on increased spending to boost growth and repair public services. But despite Labour’s promises to protect “working people”, a £25.7 billion increase in national insurance contributions paid by employers is likely to reduce wages and lead to job losses. Rebuilding Britain.” But Tory leader Rishi …

Reeves uses first Budget to hike taxes, increase borrowing and boost spending
2 months, 1 week ago

Reeves uses first Budget to hike taxes, increase borrowing and boost spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But despite Labour’s promises to protect “working people”, a …

Martin Lewis gives his reaction to the budget: From hiking employers' National Insurance to inheritance tax on pensions, the money saving expert's verdict on Rachel Reeves' £40billion tax raid
2 months, 1 week ago

Martin Lewis gives his reaction to the budget: From hiking employers' National Insurance to inheritance tax on pensions, the money saving expert's verdict on Rachel Reeves' £40billion tax raid

Daily Mail  

Martin Lewis has given a definitive run down on Rachel Reeves' Budget, as he warned that 'someone will have to pay' for Labour's new policies. Feel free to share pic.twitter.com/ewDye8xn2S — Martin Lewis October 30, 2024 Mr Lewis, the founder of MoneySavingExpert.com, asked how the businesses will pay for a £615 surge per employee 'For the employers who pay it, …

So much for a Budget for growth! This is a return to big government - high tax, high spend, high borrowing. And you didn't read that in Labour's manifesto: Analysis by JASON GROVES
2 months, 1 week ago

So much for a Budget for growth! This is a return to big government - high tax, high spend, high borrowing. And you didn't read that in Labour's manifesto: Analysis by JASON GROVES

Daily Mail  

So much for a Budget for growth. Despite Rachel Reeves committing to a staggering £400billion of extra spending over the next five years, Britain’s economic watchdog today predicted that economic growth will actually be lower than forecast at the last Tory Budget in March. Britain’s economic watchdog today predicted that economic growth will actually be lower than forecast at the …

DAN HODGES: This Budget was crude, old-fashioned class politics... and that's why it's bad news for the Tories
2 months, 1 week ago

DAN HODGES: This Budget was crude, old-fashioned class politics... and that's why it's bad news for the Tories

Daily Mail  

In the run up to her first Budget, Rachel Reeves set a trap for the Tories. Over the last few weeks, a flurry of leaks indicated she was set to break her election pledge not to raise taxes on working people, but it was all a political feint, DAN HODGES writes But she knew it was real long before, because …

Use our interactive calculator to find out how much more YOU will pay after Rachel Reeves's tax bomb Budget
2 months, 1 week ago

Use our interactive calculator to find out how much more YOU will pay after Rachel Reeves's tax bomb Budget

Daily Mail  

MailOnline has created an interactive calculator to help you work out what Rachel Reeves's £40billion tax bomb Budget means for you. Whether it's a stealth levy in the form of frozen tax bands, changes to your winter fuel payment or increases to alcohol duty, it can be easy to lose track of the Chancellor's announcements - and how they will …

Rachel Reeves drops £40BILLION 'tax bomb' in Budget: Chancellor hammers firms with £25bn NICs hike as she targets inheritances and landlords in one of biggest EVER raids - but blames the Tories
2 months, 1 week ago

Rachel Reeves drops £40BILLION 'tax bomb' in Budget: Chancellor hammers firms with £25bn NICs hike as she targets inheritances and landlords in one of biggest EVER raids - but blames the Tories

Daily Mail  

Rachel Reeves delivered a massive £40billion 'tax bomb' Budget that could define the Labour government today. From then on it will have to be balanced in the third year of the forecast; Employers' national insurance contributions will rise by 1.2 percentage points to 15 per cent in April 2025, and the threshold for paying them will fall from £9,100 per …

What the Autumn Budget 2024 means for you: How Rachel Reeves' £40bn tax rises will hit
2 months, 1 week ago

What the Autumn Budget 2024 means for you: How Rachel Reeves' £40bn tax rises will hit

Daily Mail  

Chancellor Rachel Reeves has revealed £40billion worth of tax hikes and a surge in government borrowing in a highly anticipated Autumn Budget. > Full list of benefit rises announced in the Budget > What the capital gains tax hike means for you: How small investors will be hit > No Budget boost for first-time buyers - five months to avoid …

Autumn budget 2024 predictions: 8 key things to watch out for in Rachel Reeves’s statement
2 months, 1 week ago

Autumn budget 2024 predictions: 8 key things to watch out for in Rachel Reeves’s statement

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rachel Reeves is set to unveil Labour’s first Budget in a …

More spending and tax hikes expected in the first budget from Britain's Labour government
2 months, 1 week ago

More spending and tax hikes expected in the first budget from Britain's Labour government

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} British Treasury chief …

Billions for NHS is just the start of Reeves’s tax-fuelled spending spree
2 months, 1 week ago

Billions for NHS is just the start of Reeves’s tax-fuelled spending spree

The Telegraph  

Britain’s tax raid appears to have one clear winner. An extra £25 billion over the next two years – equivalent to the entire rise in employers’ National Insurance contributions – will take the overall budget of the Department of Health and Social Care beyond £200 billion for the first time. “I don’t think, in one Budget, you can undo 14 …

Millions of working people will suffer from Reeves’s first Budget, warns OBR
2 months, 1 week ago

Millions of working people will suffer from Reeves’s first Budget, warns OBR

The Telegraph  

Millions of working people will suffer from Rachel Reeves’ Budget tax raid, the Government’s fiscal watchdog has warned. Workers will pay for 80pc of the Chancellor’s increase in employer National Insurance in the long term through lost wage increases and lower income, according to the Office for Budget Responsibility. Homeowners also face hundreds of pounds more in mortgage bills, with …

There’s a good reason why this is the leakiest Budget in history
2 months, 1 week ago

There’s a good reason why this is the leakiest Budget in history

The Independent  

Lindsay Hoyle, the speaker of the House of Commons, should realise that his diatribes against ministers for making important announcements outside parliament only make him look weak. On Monday, Sir Keir Starmer announced, in answer to questions after a speech in Birmingham about the Budget, that the cap on bus fares would rise from £2 to £3. The government’s mistake …

Starmer warns that Brits face higher taxes FOREVER and he could raise them AGAIN to prop up the NHS and public services because the Budget must confront 'harsh fiscal reality'
2 months, 1 week ago

Starmer warns that Brits face higher taxes FOREVER and he could raise them AGAIN to prop up the NHS and public services because the Budget must confront 'harsh fiscal reality'

Daily Mail  

Keir Starmer today made clear there is no prospect of taxes coming down again after the looming Budget raid. Speaker rebukes Reeves over Budget briefing Lindsay Hoyle has rebuked Chancellor Rachel Reeves for not telling the Commons first about her intention to change the Government's fiscal rules. Sir Keir said local services to 'get Britain working' will benefit from a …

What are the chances of Rachel Reeves hitting YOUR wallet at the Budget? National insurance, capital gains and inheritance all in the crosshairs as 'tax bomb' looms
2 months, 2 weeks ago

What are the chances of Rachel Reeves hitting YOUR wallet at the Budget? National insurance, capital gains and inheritance all in the crosshairs as 'tax bomb' looms

Daily Mail  

Brits are bracing for grim news on Wednesday as Rachel Reeves mounts one of the biggest tax raids in history. Employer national insurance - 9/10 Rachel Reeves looks almost certain to increase employer NICs, despite claims it is a 'straightforward breach' of the Labour manifesto. Sir Keir and Ms Reeves are facing a pivotal moment in the Labour government at …

Reeves: Budget tax raid not enough to fix NHS
2 months, 2 weeks ago

Reeves: Budget tax raid not enough to fix NHS

The Telegraph  

Tax rises in the Budget will not be the last, the Chancellor has suggested after admitting that the money she will give the NHS on Wednesday will not be enough to fix it. Rachel Reeves is set to inflict a £35 billion tax raid by raising National Insurance contributions for employers and increasing capital gains tax, in part to fund …

Britain facing biggest tax rise in G7 even before Reeves’s Budget
2 months, 2 weeks ago

Britain facing biggest tax rise in G7 even before Reeves’s Budget

The Telegraph  

The IMF warned that UK debt was on course to keep climbing until the end of the decade, putting it on an unsustainable path. Its chief economist warned this week that rising debt could leave the UK at the “mercy of market pressures” in the absence of a plan to drive it down. The IMF’s latest projections show “general government …

Can Rachel Reeves avoid a Budget omnishambles?
2 months, 2 weeks ago

Can Rachel Reeves avoid a Budget omnishambles?

The Independent  

Some mixed news for Rachel Reeves with one week to go until her Budget… and, on balance, it’s encouraging. She has repeated her well-known guarantees on taxes on “working people” – income tax, VAT, and national insurance, as well as freezing corporation tax rates. Even so, Reeves will probably still have to move stealthily on personal taxes by further freezing …

Tax on high earners ruled out as Rachel Reeves looks to plug £40bn Budget black hole
2 months, 2 weeks ago

Tax on high earners ruled out as Rachel Reeves looks to plug £40bn Budget black hole

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. But the government line of not commenting on any speculation regarding questions about the Budget …

Hammer blow for Rachel Reeves as borrowing spikes to highest outside of Covid crisis ahead of crucial Budget - with fears Labour's public sector pay splurge has fuelled chaos in finances
2 months, 2 weeks ago

Hammer blow for Rachel Reeves as borrowing spikes to highest outside of Covid crisis ahead of crucial Budget - with fears Labour's public sector pay splurge has fuelled chaos in finances

Daily Mail  

Rachel Reeves suffered a blow today as September borrowing spiked to the highest level outside of Covid ahead of her crucial Budget. As the Chancellor prepares to unveil an eye-watering package of tax hikes, official figures showed the government racking up another £16.6billion last month Rachel Reeves suffered a blow today as September borrowing spiked to the highest level outside …

How Britain became addicted to spending
2 months, 2 weeks ago

How Britain became addicted to spending

The Telegraph  

Following the Government’s frequent warnings about the dire state of public finances, as well as the “worst economic inheritance since the Second World War”, households are fully primed for a series of tax raids in next week’s Budget. However, despite the Chancellor’s drastic need for cash, what might surprise voters is that tax revenues flowing into the Treasury are already …

Now high earners are in Labour's tax crosshairs: Minister refuses to say if pledge not to hammer 'working people' includes the better paid - with fears 'stealth' raid will drag another 600,000 into hi
2 months, 3 weeks ago

Now high earners are in Labour's tax crosshairs: Minister refuses to say if pledge not to hammer 'working people' includes the better paid - with fears 'stealth' raid will drag another 600,000 into hi

Daily Mail  

A minister dodged on whether bigger earners count as 'working people' today after Wes Streeting hinted they will be hammered with Budget tax hikes. Care minister Stephen Kinnock repeatedly refused to answer as he was grilled over whether the protection Labour promised at the election extended to those making six figures. Asked on Sky News whether people who earned more …

Reeves tax raid risks £84bn black hole in public finances, say Truss-backed economists
2 months, 3 weeks ago

Reeves tax raid risks £84bn black hole in public finances, say Truss-backed economists

The Telegraph  

Rachel Reeves has been warned that an aggressive Budget tax raid risks opening up a £84bn “black hole” in the public finances by crippling economic growth. Analysis by the Growth Commission, an economic advisory group set up by Liz Truss, the former prime minister, suggests mooted tax rises in their most extreme form could knock 8.8pc off GDP growth per …

Rachel Reeves to push forward with £3bn sickness benefits cut in Budget
2 months, 3 weeks ago

Rachel Reeves to push forward with £3bn sickness benefits cut in Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Asked why Labour was pressing ahead with plans made by …

Ministers mulling tax rise and cuts in Budget as they meet City bosses
2 months, 3 weeks ago

Ministers mulling tax rise and cuts in Budget as they meet City bosses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A raft of tax rises …

Businesses, motorists and pension savers brace for Budget bombshell amid fears Rachel Reeves is plotting biggest EVER tax-raising package
2 months, 3 weeks ago

Businesses, motorists and pension savers brace for Budget bombshell amid fears Rachel Reeves is plotting biggest EVER tax-raising package

Daily Mail  

Businesses, motorists and pension savers are braced for pain today amid fears Rachel Reeves could deliver one of the biggest ever tax-raising Budgets in a fortnight. Chancellor Rachel Reeves is preparing to unveil an eye-watering £40billion of tax hikes and spending cuts on October 30 Ms Reeves told the meeting that plans to fill what she has branded a '£22billion …

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