Why Tax Hikes Loom in UK Budget as Reeves Looks to Plug Fiscal Black Hole

UK Chancellor of the Exchequer Rachel Reeves is heading into a difficult autumn budget as economists make a common prediction: tax rises are in store.

Reeves had said she’d stabilized the country’s finances at her inaugural budget last year, when she increased levies by £36 billion ($47.3 billion) a year to fund extra spending on public services and fill a budget hole left by the previous Conservative government.