"Chancellor Rachel Reeves has signalled that her 26 November Budget will ask more Britons to shoulder the burden of repairing the nation's public finances - even if that means breaking Labour's manifesto pledge not to raise income tax."
""If we are to build the future of Britain together, we will all have to contribute," she said. "When that requires hard choices, we will act guided by the interests of working people.""
"At the heart of the political tension lies the question of how Labour defines "working people" - a term that may exclude much of the upper-middle-income bracket. Treasury insiders suggest the government considers those earning up to £45,000-£46,000 a year as "working people"."
The 26 November Budget will ask more Britons to contribute to repairing public finances, potentially widening tax increases beyond the wealthiest. Higher contributions are being framed as necessary to protect the NHS, reduce national debt and keep inflation under control. The government's working definition of "working people" may cover earners up to about £45,000–£46,000, leaving roughly one-third of UK earners outside protection. That exposure could affect professionals such as paramedics, teachers, software developers and vets. London workers face greater risk because the median full-time salary there is near £50,000, increasing the share above the threshold.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]