UK Can Tax Wealthy to Close £20 Billion Fiscal Gap, Report Says
- Resolution Foundation says election pledges do leave options
- Other reports warn on debt, urge getting sick back to work
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UK Chancellor of the Exchequer Rachel Reeves could push through over £20 billion ($26 billion) of tax hikes at the upcoming budget without breaking any election pledges by targeting inheritances and capital gains, according to the Resolution Foundation.
Reeves is under pressure to plug what she claims is a £22 billion fiscal hole left by the previous Conservative government. However, her hands are tied by Labour manifesto promises not to raise a number of big revenue-raising taxes, including income tax and VAT.