"Ms Reeves presented her forthcoming fiscal package as a choice between "investment and hope, or cuts and division". She said she would do "what is right rather than what is popular", placing emphasis on protecting the NHS, reducing national debt and improving the cost of living. But she also acknowledged that the measures required could mean pain for taxpayers - in particular the "wealthy" and property-owners - and carry consequences "for years to come"."
"With the public finances projected to be weaker than expected, analysts estimate she may need to raise around £20 billion to £30 billion in additional revenue, despite last year's historic tax rises. Ms Reeves stressed that any future tax decisions were not being taken lightly: "Any Chancellor of any party would be standing here facing the choices I face," she said, placing the blame squarely on previous governments and global shocks rather than her own policies."
Chancellor Rachel Reeves used a rare Downing Street address to lay groundwork for an upcoming Budget and warned that difficult tax decisions will be required to strengthen public finances. She said fiscal pressure stems from longer-term factors such as Brexit, decades of Tory austerity and rising global borrowing costs and cited international headwinds including US tariffs, European conflicts, supply-chain disruption and higher borrowing costs. She framed the Budget as a choice between investment and hope or cuts and division, prioritising the NHS, debt reduction and cost-of-living relief, while acknowledging measures could hurt wealthy taxpayers and property owners and have long-term consequences. Analysts estimate around £20–30 billion may be needed.
Read at Business Matters
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