UK Chancellor Reeves Poised to Raise Taxes in October Budget
- Chancellor stands by pledges not to raise income tax, VAT, NI
- New Labour government has identified £21.9 billion overspend
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Chancellor of the Exchequer Rachel Reeves gave the clearest sign yet that she’s poised to raise taxes in her first UK budget in October to fill a £16.4 billion ($21 billion) black hole in the public accounts that she says she inherited from the previous Conservative government.
“I think that we will have to increase taxes in the budget,” Reeves told The News Agents podcast on Tuesday. She repeated her commitment not to raise income tax, national insurance or value-added tax, but refused to rule-out increasing capital gains tax, inheritance tax and pension reform.