Chancellor Rachel Reeves is expected to consider tax hikes, snips to public spending and resist pressure to reform benefits in her upcoming budget on 30 October this year.
Following data released by the Office for National Statistics (ONS) today (21 August), Reeves' claims of a gaping £22 billion hole in the public finances were vindicated after borrowing figures for the first three months of the 2024/25 financial year came in at £49.8bn, £3.2bn more than the ONS expected. Among the changes that Reeves is said to be mulling, according to reports from The Guardian, are inheritance tax and capital gains tax rises and sticking closely to plans for a 1% increase in public spending despite it leading to cuts to Whitehall departments. Other plans on the table...
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