U.K. Chancellor Rachel Reeves is expected to give a clearer indication that tax rises are coming in her Autumn Budget later this month when she gives a speech this morning.
Reeves is set to address speculation around her fiscal plans shortly and is expected to tell the British public that her budget will focus on “fairness and opportunity.”
“You will all have heard a lot of speculation about the choices I will make,” she is expected to say, according to excerpts of her speech published in advance by the BBC.
“I understand that. These are important choices that will shape our economy for years to come. But it is important that people understand the circumstances we are facing, the principles guiding my choices – and why I believe they will be the right choices for the country,” she is expected to say.
Reeves is due to set out the Autumn Budget on Nov. 26 and it’s widely expected that it will include tax rises despite the ruling Labour Party having pledged ahead of its 2024 election win, not to raise income tax, VAT or national insurance contributions.
