Britain "abandons" tax hike plans - Improved fiscal forecasts give government "breathing space"
British Finance Minister Rachel Reeves has no plans to raise income taxes in this month's budget, thanks to improved fiscal forecasts, an inside source said.
Reeves needs to raise tens of billions of pounds to stay within fiscal targets, so her recent comment that "we will all have to contribute" was seen as a signal that the government could break a key election promise and raise taxes.
But the latest round of projections from the Office for Budget Responsibility showed an improvement in the fiscal outlook, said two sources familiar with the matter, one of whom confirmed that the government does not plan to raise income taxes following these new figures.
A Treasury spokesman declined to comment on tax policy.
“The Chancellor will present a Budget that makes the right decisions to build strong foundations and secure Britain’s future,” the spokesman said.
According to him, Reeves has pledged to strengthen the sustainability of public finances and give himself sufficient fiscal space to withstand turbulence in the global economy.
Finally, the National Institute for Economic and Social Research warned that the finance minister needed to undertake large tax increases to avoid losing the confidence of the markets, a situation that once cost former Prime Minister Liz Truss her job.
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