Reeves prepares for tax rises in Budget
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Finance minister Rachel Reeves said on Tuesday Britain had faced increasing challenges since her first budget last year, as questions grow over which taxes she will raise to keep her budget on track.
U.K. Treasury chief Rachel Reeves has signaled she will raise taxes in her budget later this month, citing a weaker economy than expected.
A downgrade to the UK's productivity performance from the government's official forecaster could lead to the chancellor facing a £20bn gap in meeting her tax and spending rules, the BBC understands. Rachel Reeves has confirmed both tax rises and spending cuts are options in next month's Budget.
Prime Minister Keir Starmer refused to rule out raising income tax, national insurance or value added tax at the upcoming budget, suggesting the government may break its election manifesto promises in order to fill a growing hole in the public finances.
Finally, some good news for UK Chancellor Rachel Reeves. With a month still to go until the Autumn Budget on 26 November, 10-year gilt yields have tumbled by more than 30 basis points. Debt interest projections are likely to be pared back;
British interest in relocating to Portugal is rising sharply ahead of UK tax reforms. According to The Portugal News, enquiries from UK nationals have increased by about 30% over the past year, as families seek financial stability and lifestyle benefits before new tax measures take effect.
British house prices rose in October, lender Nationwide said on Friday outpacing forecasts by economists and adding to signs of demand in the housing market in the run-up to finance minister Rachel Reeves' budget which is likely to include tax increases.
The UK government has been urged to introduce an indie film advertising and exhibition tax relief in Rachel Reeves' upcoming budget.
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