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In her upcoming Budget announcement, Chancellor Rachel Reeves is emphasizing the importance of making “fair choices” as the possibility of tax increases looms. The Budget speech, set to be delivered on 26 November, is anticipated to address the need for financial balance, despite Labour’s previous commitment to refrain from raising VAT, National Insurance, or income tax as outlined in their election manifesto.
The growing speculation around potential tax hikes has sparked concern, with Shadow chancellor Sir Mel Stride calling for decisive action to tackle the looming financial challenges. The Resolution Foundation has also weighed in, suggesting that tax increases are now unavoidable to prevent detrimental effects on the economy. The think tank has proposed various measures, emphasizing that raising income tax could be the most effective strategy.
Moreover, the Resolution Foundation’s Autumn Budget 2025 forecast highlighted additional revenue-raising strategies, such as extending the freeze in personal tax thresholds. Chancellor Reeves is expected to emphasize the notions of “fairness and opportunity” in her Budget speech, underscoring the need to address critical issues like NHS waiting lists and the cost of living.
Prime Minister Sir Keir Starmer has echoed similar sentiments, indicating that the upcoming Budget will reflect Labour’s core values and prioritize long-term economic renewal. As the government awaits the Office for Budget Responsibility’s latest forecast, the focus remains on adhering to stringent financial rules and addressing the economic challenges ahead. Calls for increased fiscal headroom have intensified, emphasizing the importance of safeguarding the public finances amidst growing economic uncertainty
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