"Finally, after weeks - even months - of hearing about it, we are about to find out what is actually in this year's Budget. Chancellor Rachel Reeves will make an argument about what she will call "the fair and necessary choices" she is taking. Necessary is code for difficult. The thrust of the Chancellor's address will be three cuts cutting the cost of living, cutting NHS waiting lists and cutting government debt."
"Making that happen will involve taxes going in the other direction and the snag is putting up taxes increases the cost of living for those with higher tax bills. Reeves will argue there will be plenty in there, such as freezing some rail fares, that will help address the cost of living for some. The snag of not putting up income tax rates means a flotilla of other smaller tax rises on particular groups of people, which could lead to noisy, coordinated protest."
Chancellor Rachel Reeves will present a Budget aiming to cut the cost of living, reduce NHS waiting lists and lower government debt. Delivering those priorities will require tax measures that, while avoiding higher income tax rates, shift the burden through many targeted tax increases on particular groups. Some mitigating measures, such as freezing certain rail fares, will ease pressures for some households. Targeted rises risk provoking coordinated protests similar to the farmers' backlash over inheritance tax changes. The Budget has been preceded by unusually frequent briefings, leaks and public engagement by the Chancellor amid weak public approval and a faltering economy.
Read at www.bbc.com
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