The UK chancellor could yet find herself forced to raise taxes again
Rachel Reeves took her biggest gamble since becoming chancellor last week. It had nothing to do with annoying wealthy agricultural land owners or pensioners with inheritance tax increases and the withdrawal of universal winter fuel payments. Instead, it was emulating George HW Bush and his infamous 1988 Republican convention pledge: “Read my lips. No new taxes.
The chancellor’s growth strategy of stability, higher public investment and an emphasis on sweeping away planning and other constraints to doing business can bear fruit. All these things can happen. That said, it is easier to write down the reasons Reeves might find she is, indeed, forced to come back to parliament seeking higher taxes to fund a larger state.
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