Rachel Reeves expected to throw the 'kitchen sink' at cash-raising now to avoid bad news later
Rachel Reeves expected to throw the 'kitchen sink' at cash-raising now to avoid bad news laterthat Rachel Reeves is expected to throw the “kitchen sink” at revenue-raising this week, so that she does have to deliver bad news again until at least 2029.
He said: “I’m assuming no further hikes this Parliament. In the longer run the Office for Budget Responsibility forecasts show that, in the absence of a boost to productivity growth, taxes would need to rise further in the 2030s, 40s and beyond to prevent debt spiralling, due to the growing costs from an aging population.”
“Nobody wants tax rises, least of all me, so we will do the hard work in this Budget to allow us then to rebuild the country. Although it is not yet confirmed what measures will be taken on Wednesday, Dr Girardi believes the Government will try to avoid raising personal income tax during its term unless it becomes “absolutely unavoidable”, as this would be a “clear breach” of its electoral promises.
Paul Dales, chief UK economist at Capital Economics, said: “The impression I get is that government department thinks they will need more money in the future to provide adequate services. Whether or not that means taxes need to be higher depends on the performance of the economy.
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