Keir Starmer has warned the UK to expect a 'painful' budget this autumn
Labour has pledged not to increase Income Tax, VAT, or National Insurance but has nonetheless signalled a tough budget for UK households this autumn. Prime Minister Keir Starmer delivered an address to the nation ahead of introducing new measures aimed at plugging a £22bn gap in the public finances.
He stood by Labour's controversial decisions for the early release of certain prisoners and reductions in the winter fuel allowance, labelling them as 'tough actions' required for mending the nation's economic foundation. Labour had already set out plans to impose VAT on private school fees, which are exempt from the charge due to a legal educational exemption. Starting January 2025, fees at private institutions are expected to carry the standard VAT rate of 20%.
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