Chancellor Rachel Reeves has pre-warned the nation of a tough Autumn Budget at the end of this month, with commentators warning of tax increases focused on non-inflationary measures.
It has been suggested that, in her speech this morning (4 November), Reeves paved the way for a tax-rising Budget on 26 November. "Reeves prepares the ground for a tax rising budget later this month, potentially breaking pledges set in Labour's manifesto," said Spencer West partner Bina Gayadien. "No details were announced today. However, given her fiscal constraints, tax rises for some or all may be bold and unpopular, but necessary according to the chancellor." Gayadien said that a VAT rate rise is unlikely given that it directly impacts the cost of living, but tax increases on capi...
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