Britain "sets the stage" for tax hikes - Finance Minister: Measures needed to protect public spending
British Finance Minister Rachel Reeves has paved the way for tax increases, stressing that her second annual budget will feature “tough decisions.” Reeves aims to protect public spending while reducing Britain’s debt.
In a speech just three weeks before the budget is due to be delivered, the minister outlined the tough economic challenges she faces, citing high debt levels, low productivity and persistent inflation. Reeves said the government would likely have to make “tough decisions” in the November 26 budget that would require “everyone’s input” to secure jobs, as well as the future of health and education.
“As I make decisions on taxes and spending, I will do what is necessary to protect families from high inflation and interest rates… to protect our public services from a return to austerity,” she said at the conference.
"I understand the desire for easy solutions. Politicians in recent years have only offered temporary solutions, instead of making long-term economic plans. They were irresponsible then, and those who continue to look for easy solutions are irresponsible now," Reeves said.
Her words, which clearly placed the blame on previous Conservative administrations, suggested that the Labour government could break the party's promise not to raise the main taxes, that on income, VAT or National Insurance.
The Resolution Foundation predicts that Reeves will have to raise taxes by 26 billion pounds. The minister declined to directly answer whether she was preparing Britain for tax increases, saying the policies would be presented later this month in the budget.
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