‘More than a hundred tax and spending plans’ being considered by Reeves ahead of Budget
The chancellor is reportedly considering more than one hundred different tax and spending measures in the upcoming Budget, amid concerns the fiscal watchdog could be about to downgrade the UK’s productivity performance.Rachel Reeves is thought to be looking at hitting the top third of earners as part of an attempt to fill a black hole in the public finances of up to £50bn. The Office for Budget Responsibility (OBR) – which handed the chancellor its latest set of projections for the economy last week – is expected to downgrade the UK’s performance on productivity at the Budget, with fears that it could represent a further £20bn gap in the public finances.Sources told The Times that around a hundred tax and spending measures are on the table for the Budget, including an increase in income tax, which would be a clear breach of Labour’s manifesto promise not to increase three key taxes on working people. Chancellor Rachel Reeves will deliver her budget on 26 November More
