What taxes could rise at next Budget?
Rachel Reeves has warned of “harder” choices to come ahead of Labour’s Autumn Budget as she made her main stage address at the party’s conference in Liverpool.Further tax rises are now widely expected at the crunch fiscal event, as the chancellor looks to counteract the country’s ailing economic performance.Government borrowing in August was the highest in five years, official figures revealed. While tax receipts had increased following Labour’s first Autumn Budget, the rises were offset by higher spending on public services, benefits and interest on debt, the Office for National Statistics (ONS) said.Economists have predicted the chancellor may need to find as much as £40bn.Speaking on Monday, Ms Reeves doubled down on Labour’s commitment not to raise taxes for “working people” – meaning no rise to the headline rate of income tax, national insurance or VAT.As with last year’s event, this means the Treasury will need to consider more roundabout ways to raise vital revenue while also trying to bolster Labour’s dropping popularity.Speaking to delegates, Ms Reeves said: “In the months ahead, we will face further tests, with the choices to come made all the harder by harsh global headwinds and the long-term damage done to our economy, which is becoming ever clearer.“Our first year in power was about fixing the foundations. Our second must be about building a renewed economy for a renewed Britain.”Keir Starmer and Rachel Reeves on the campaign trail in Southport last June More
