Chancellor Rachel Reeves faces the challenge of raising £20bn in taxes without increasing rates on the major taxes, which she ruled out during her election campaign.
Despite the potential for an overspend to shape the Budget, Reeves' determination to stick to her election pledges limits options for raising necessary funds.
Chancellor Reeves's Budget will need to find innovative ways to raise tax revenue, given that significant increases in income tax, VAT, and National Insurance seem off the table.
With updated economic forecasts pending by the 30th of October, the Chancellor's fiscal strategy may notably shift, impacting government revenue projections.
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