The Independent emphasizes maintaining on-the-ground journalism and free access funded by donors rather than paywalls. Donations support sending reporters to cover developing stories across political divides. Rachel Reeves faces a multi-billion pound gap in the public finances and must consider a range of potential tax rises to meet self-imposed fiscal rules. The NIESR estimates a need to raise about 51.1bn to restore forecasted buffers. Promises that last October's Budget was a one-off increase pressure the chancellor politically. Departmental cuts from the June spending review have already reduced available savings and limited fiscal options.
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Rachel Reeves is spending the summer grappling with the various options at her disposal to fill a 50bn hole in the public finances. The chancellor will be presented in the coming weeks with a range of potential tax hikes to help her balance the books within her self-imposed fiscal rules. To restore an almost 10bn buffer in the current forecasts, she must raise a total of 51.1bn, the National Institute of Economic and Social Research (NIESR) think tank has warned.
And, having promised last October's Budget was a one-off with no more major tax hikes on the way, Ms Reeves faces the fury of voters, business chiefs and investors if she goes back on her word. Ministers have already squeezed significant savings out of their departments in cuts that were unveiled at June's spending review, limiting the chancellor's room for manoeuvre and raising the prospect of tax hikes.
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