Chancellor Rachel Reeves dropped a major hint that firms will be hit with a major tax increase in budget. She and Keir Starmer have been warned that doing so would be a 'straight forward breach' of Labour 's manifesto pledge not to increase taxes.
Labour chancellor Rachel Reeves has been warned her inheritance tax hike will decimate middle class savings.
Reeves' first fiscal statement since Labour's July election victory will set out how she intends to fix a huge shortfall in the government's day-to-day budget while sticking to pledges not to raise the main taxes paid by what it calls 'working people'. Sir Iain Duncan-Smith told the Independent the tax would 'punish ordinary people who have worked hard'.
From the budget as a whole, Reeves is said to be looking at introducing tax rises and spending cuts to the tune of 40 billion pounds, as she looks to put investment into services while also stabilising the fiscal situation. The Chancellor will reportedly end a temporary increase to the stamp duty threshold, landing buyers with a £2,500 bill that will add £1.8billion to Treasury coffers.
News London BBC Rachel Reeves England Labour
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hecklers interrupt Chancellor Rachel Reeves' speech at Labour conferenceHecklers have interrupted the chancellor's speech at the Labour conference as they appeared to call for a halt to arms sales to Israel and for action on the environment.
Read more »
No Austerity Under Labour, Says Chancellor Rachel ReevesChancellor Rachel Reeves has pledged no austerity measures under the new Labour government, stating that spending cuts implemented by the Conservatives caused significant damage to public services and the economy. Reeves announced upcoming budget plans focused on protecting living standards, revitalizing the National Health Service, and rebuilding Britain through increased investment.
Read more »
Chancellor Rachel Reeves on UK economy, austerity and Labour giftsKrishnan Guru-Murthy speaks to Chancellor Rachel Reeves about the UK economy, austerity, the NHS and gifts to Labour cabinet members.
Read more »
Rachel Reeves Rules Out Austerity In First Labour Party Conference Speech As ChancellorIn her first Labour Party conference speech as Chancellor, Rachel Reeves ruled out a return to austerity and pledged to introduce free breakfast clubs in hundreds of primary schools from April. The keynote speech was briefly interrupted by a protester but Ms Reeves returned to rapturous applause.
Read more »
Chancellor Rachel Reeves left red-faced after big speech upstaged as nurses snub 5.5% pay offer...Britain must accept tough times or face ruin, Rachel Reeves warns
Read more »
Free breakfast club in primary schools will start next year, vows Reeves in bid to ‘help kids thrive’...Rachel Reeves gives first major speech as Chancellor
Read more »