#uk-budget

#uk-budget

Chancellor Reeves faces a £20-30 billion shortfall in the public finances, and with few easy options, investors are preparing for a new round of austerity which is focused on tax rises rather than spending restraint. Economic indicators are already flashing warning signs: unemployment has risen to a post-pandemic high of 5%, and growth momentum is fading. Against this backdrop, the pound's next move will depend on whether the Budget restores confidence in the UK's fiscal trajectory, or deepens fears of stagnation.

Drivers using electric vehicles (EVs) could face a new pay-per-mile tax in Rachel Reeves' Budget, according to reports. The chancellor is considering plans that will see drivers of electric cars charged 3p per mile, to be announced in her fiscal statement on November 26, the Daily Telegraph reported. The tax would raise billions of pounds to help Ms Reeves get the extra revenue needed to balance the nation's books.

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

I think the government should be thoughtful about signals it sends to investors who are looking at the UK as a long-term home for capital.

"It [tax] doesn't even need to go up to 50%. If it went up to anywhere like 40% or even 35% there is no profit in the business. We would have to close it down. I'm talking job losses. We're talking probably 7,500,"

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground.

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Barclays chief executive CS Venkatakrishnan has issued a stark warning to Chancellor Rachel Reeves, urging her not to introduce new levies that would "stifle competition and growth" in Britain's financial sector. Speaking in an interview with CNBC, Venkatakrishnan said taxing banks and investors more heavily risked "taxing growth out of existence," just weeks before Reeves unveils her first Budget. His remarks come amid speculation that the Chancellor could raise as much as £50 billion in extra taxes to plug a hole in the public finances.

Small businesses are bracing for a major shake-up after it emerged the Treasury is considering slashing the VAT registration threshold from £90,000 to just £30,000. The move, reportedly under review ahead of the November 26 Budget, would pull tens of thousands of sole traders and small firms into the VAT system for the first time, forcing them to charge customers more and deal with additional red tape.

Rachel Reeves is under pressure to overhaul the UK's tax system after the Resolution Foundation urged her to cut employee national insurance contributions by 2p and offset it with an equivalent rise in income tax. The thinktank, which has close ties to senior Labour ministers, said the measure could raise an additional £6bn a year by spreading the tax burden across a wider pool of taxpayers, including pensioners, landlords and the self-employed.

Keir Starmer is tightening his grip on economic policy by beefing up a committee that will help shape the 26 November budget. Pensions minister Torsten Bell and Starmer's new chief economic adviser, Minouche Shafik, will co-chair the budget board, that will meet weekly to discuss the details of the statement. Government sources said the meetings were aimed at ensuring No 10 and No 11 were aligned and that there was not a repeat of the backlash from businesses that followed Rachel Reeves's maiden budget.