Ministers mulling tax rise and cuts in Budget as they meet City bosses
The IndependentFor 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 are being considered for the new Labour Government’s first Budget, reports have suggested, as Rachel Reeves meets with City bosses to discuss investment in national infrastructure. Work and pensions minister Alison McGovern did not steer away from the reports when asked about them by broadcasters, but said Labour was making its “own reforms” to the benefit system. Ms Reeves is also said to be considering bringing a stamp duty discount introduced by the Tories to an end, the Times newspaper reports, which is expected to raise £1.8 billion a year by 2029. We will need to make savings like all departments, but we will bring forward our own reforms.” The move has been criticised by anti-poverty charity Z2K, which said Labour needed a “proper plan to improve the nation’s health and rebuild our public services, not a return to the same old failed approach of cutting benefits”.