Higher taxes for the wealthy will be ‘part of the story’, says Reeves ahead of Budget
Chancellor confirms tax rises to fill £50m blackhole
- Chancellor Rachel Reeves has confirmed that tax rises for the wealthy will be part of her upcoming Budget.
- She aims to address an estimated £50 billion financial shortfall, which she attributes partly to the lasting effects of Brexit and an overestimation of UK productivity.
- Reeves stated that while the Budget will include spending cuts and tax increases, there will be no return to austerity measures.
- Labour has committed to not increasing VAT, income tax, or national insurance payments.
- Speaking in Washington, Ms Reeves defended previous tax hikes on the wealthy, asserting that predictions of people leaving the country due to these changes did not materialise.