Chancellor Rachel Reeves will deliver her first full autumn budget on 26 November, the Treasury has announced, as speculation mounts over potential tax increases to address a public finance shortfall of up to £40bn.
The date gives Reeves ten weeks to prepare a high-stakes package of tax and spending measures at a time when borrowing costs, stubborn inflation and a weak growth outlook are weighing on the economy. The Treasury confirmed that the Office for Budget Responsibility (OBR) has been commissioned to produce updated forecasts for the economy and public finances.
Reeves and Prime Minister Sir Keir Starmer have repeatedly pledged not to raise taxes on “working people” by increasing income tax, national insurance or VAT. However, she is exploring options to raise more from wealthier taxpayers, including changes to capital gains tax, inheritance tax and property levies.
Some left-wing Labour MPs and campaigners have pressed her to introduce a wealth tax, but Treasury insiders suggest Reeves has privately ruled it out.
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