Rahel reeves The last possible date for holding its autumn budget is held for the last possible date as it scribes to come up with a plan to save the country’s troubled finance.
The Chancellor has admitted that the economy is “not working well” as it promised to get a “tight grip” on spending on giving his budget on 26 November.
Independent It has been said that she is considering a new tax raid by starting a gambling levy to increase capital gains tax and to help closure an estimated. £ 40bn black hole In his budget.
Two options champion by trade unions and former Prime Minister Gordon Brown, It is said to be at the top of the list of potential new taxes – in which a mansion is being seen, freezing income tax thresholds and implementing national insurance for rental income for landlords.
A well -placed source stated Independent: “Focus is currently on capital gains and gambling tax.”
It comes when the Chancellor has repeated It will not increase the promise of the labor manifesto’s manifesto without any increase in the Income Tax, VAT, or employee, despite warning economists that he could have no other option.
He has also vowed that he allows not to change his self-looked fiscal rules, so that he allows to borrow more at a time when Labor is crying without cutting public spending to find new revenue for MP Ms. Reeves.
The late date for the budget is not unprecedented, but it gives Ms. Reeves extra time to digest the findings of the Budget Responsibility (OBR) independent economic forecast office, to decide which tax and how much it will increase.
It comes after the respected think tank, the National Institute for Economic and Social Research (NIESR), claimed in summer that global problems, including trump tariffs, lack of economic development, and labor MPs forced the government to withdraw from welfare cuts, all mean they may need to make new taxes or separate expenses.
Trade unions, which will meet for the annual trade union Congress next week, emphasize capital gains on property selling, except non-primary houses, and other assets are to be equalized with taxes on wages.
It is unlikely that Ms. Reeves will go to that far, but it is thought that it can see a 24 percent current rate on assets or 32 percent increase on investment.
Gambling tax proposed by the Institute of Public Policy for the Region (IPPR), which will increase taxes on online casinos from 21 percent to 50 percent, has been champions by Mr. Brown and can increase £ 3.2bn.
However, Treasury sources have warned: “Kite flying [on taxes] Have to stop, it is not coming from us. ,
Announcing her budget date, Ms. Reeves has said that she will prioritize inflation and borrow cost, fulfills her fiscal rules and control public spending, and start kicking economic growth.
Conflicts on public finance helped push the UK’s long -term lending cost to push the 27 -year high before the announcement of the budget date. But yield on 30 -year -old UK government bonds – also known as gilt – was easily revealed by the Treasury.
In a video posted to X, the Chancellor said: “Britain’s economy is not broken. But I know it is not working enough for the working people. The bills are high. The bills are difficult to move. You put more, you put more, reduce. It has to change.”
He said that “Fixing the Foundations” is his mission for the past one year, and postponed government action, including trade deal with the US, India and the European Union and is making a start to tearing the plan rules to reach the target for construction of 1.5 million houses.
“But I am not satisfied,” he said. “There is more to do. Cost-K-live pressure are still real.
“We should bring the cost of inflation and borrowing by keeping a tight grip at day to day expense through our non-parasical fiscal rules. This is only by doing what we can spend to do what we want to do.
“If renewal is our mission and development is our challenge, investment and reform are our equipment. Equipment of an economy that works for you – and reward you. More pounds in your pocket. An NHS there when you need it. Opportunity for all.
“They are my priorities. Priorities of British people. And this is what I am firm to distribute.”
Sir Keir Stmper received his comments after the Chancellor’s deputy, Darren Jones was transferred as the Chief Secretary of the Prime Minister, a change – a change explained as a blow to the right of Ms. Reeves.
But on Tuesday, any 10 stressed that the role of Chancellor has not diminished, saying that Sir Keer and Ms. Reeves “spoke in the summer length about how these changes would increase their joint approach to the agenda of development”.
A source in the Treasury insisted that Chancellor would decide on the budget, not Downing Street, “This is a close political project, Kir and Rachel work very closely together.”