"Chancellor Rachel Reeves has signalled that further tax rises may be necessary to address a £40 billion shortfall in public finances for the upcoming Budget."
"The Institute for Fiscal Studies warned that Reeves may need to announce tax rises of up to £40bn to cover downgraded economic forecasts and rising spending commitments."
Chancellor Rachel Reeves indicated that further tax increases may be necessary due to a projected £40 billion deficit in public finances. Acknowledging the costs of recent government changes to welfare reform, Reeves affirmed her commitment to not exceed fiscal rules, hence relying on tax as a solution. The Institute for Fiscal Studies has warned that economic downgrades could force tax rises up to £40 billion. Additional pressures such as welfare expenses and U-turns on fiscal policies exacerbate the situation, presenting a challenging budget environment.
Read at Business Matters
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