Chancellor Rachel Reeves is said to be looking for the enormous sum to balance the books and bolster services after Labour's splurge on public sector pay.
Rachel Reeves could need an eye-watering £40billion of tax hikes and spending cuts in the Budget, it was revealed today.
Economists have made clear increasing the main rate is effectively extra tax on Brits as firms will have to pass the costs on. 'If we get tax rises on that scale, that really will be extraordinary - I mean, unprecedented,' he told BBC Radio 4's Today programme. It comes as new figures showed inflation dropped below the Bank of England target rate last month for the first time since April 2021.
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