"Rachel Reeves will promise to tackle Britain's cost of living crisis and deliver fiscal stability in Wednesday's budget, which is billed as a decisive moment for the fate of Keir Starmer's beleaguered government. The chancellor will say she will do what is needed to shore up the economy as she raises billions of pounds worth of taxes to help offset lower than expected growth forecasts."
"The government has been buffeted by a series of damaging leaks and speculation, much of it prompted by ministers, as they attempted to lay the groundwork to avoid spooking the markets and plummeting even further in the polls. Reeves is expected to announce a rise in the minimum wage, bring in the first rail fares freeze for 30 years, cut green levies on energy bills and scrap the controversial two-child benefit cap to help improve living standards."
Chancellor Rachel Reeves will promise to tackle Britain's cost-of-living crisis and deliver fiscal stability in Wednesday's budget. She will raise billions through tax changes to offset lower growth forecasts. Measures include a minimum wage rise, a rail fares freeze, cuts to green levies, and scrapping the two-child benefit cap to improve living standards. After dropping plans for an income tax rise due to higher wage growth, she will introduce multiple smaller tax measures worth at least £20bn, including frozen income tax thresholds, limits on salary sacrifice, a gambling levy, pay-per-mile for electric vehicles, and a property tax on high-value homes. Leaks and uncertainty risk further market and public fallout.
Read at www.theguardian.com
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