"After warning that easy answers to Britain's economic problems would be irresponsible, Rachel Reeves has refused to rule out raising income tax, VAT or National Insurance in her upcoming Budget. In a speech at Downing Street, the chancellor said politicians had become addicted to short-term sticking plaster solutions and hinted that painful decisions may be needed later this month to repair the public finances."
"Economists say tax rises are now inevitable if Labour is to balance the books. The Institute for Fiscal Studies has warned that avoiding income tax increases by targeting smaller levies could do unnecessary economic damage. But some economists and campaigners argue Labour should focus on fairer ways to raise funds such as reforming wealth and property taxes or closing loopholes used by higher earners."
The Independent covers subjects from reproductive rights to climate change and Big Tech through on-the-ground reporting, investigations and documentary work. The outlet declines to use paywalls and seeks donations to fund journalists who report to a broad political audience. Chancellor Rachel Reeves has warned against short-term fixes and has not ruled out raising income tax, VAT or National Insurance to repair public finances. Economists warn that tax rises may be inevitable to balance the books, while others propose fairer alternatives such as reforming wealth and property taxes or closing loopholes used by higher earners.
Read at www.independent.co.uk
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