Credit Rating Firms Doubt Reeves Can Deliver UK Budget Pain

Credit-rating companies raised doubts about Rachel Reeves’ plans to postpone the pain from her budget until around the time the next UK general election is due.

The Chancellor of the Exchequer made her fiscal plans delivered on Wednesday add up by backloading the bulk of her tax rises and spending restraint. That would mean hitting households and businesses with tax hikes that start to bite significantly in 2028-29 and reach £26 billion ($34.4 billion) the following year. The next election must be called by August 2029 at the latest.