U.K. Chancellor's Tax Plan Uncertain

This is a U.K. news story, published by CNBC, that relates primarily to Rachel Reeves news.

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unpopular tax rises

CNBC

•

World

The UK insisted unpopular tax rises were a one-off. Economists say hikes are now inevitable

Summary

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78% Informative

U.K. Chancellor Rachel Reeves pledged last year that the government would not conduct another tax raid.

In spring , the Treasury had around 9.9 billion of limited fiscal "headroom" to meet its main fiscal target of having day-to-day spending funded by tax receipts rather than by borrowing.

The economic and fiscal outlook has since become more challenging, with higher debt interest payments and weaker-than-expected tax receipts converging with lower economic growth forecasts.

Labour Party insiders now fear months of speculation as to where tax hikes could land.

Reeves will likely scrabble together several smaller-scale rises, says Eurasia Group's Mujtaba Rahman .

Other options include restricting tax relief on pensions for high earners, a 3 billion levy on gambling industry.

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semi-formal

Language

English

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Offensive language