Rachel Reeves eyes £40bn in tax rises and spending cuts in Budget

Published On Oct 15, 2024, 5:34 PM

Chancellor Rachel Reeves is planning to implement £40 billion in tax increases and spending cuts in the upcoming Budget to address a financial shortfall inherited from the previous government. She emphasized the need for tough decisions on taxation and spending to maintain public services. There are concerns from business sectors about the potential negative impact of these tax hikes, particularly regarding National Insurance for employers. The Chancellor aims to avoid real-term cuts and encourages growth through government investment. The Budget announcement is scheduled for October 30.