Wed, 15 Oct 2025

Wed, 15 Oct 2025 Reeves says she is looking at tax rises ahead of Budget

The chancellor also said she was considering further measures on public spending, in a bid to put the UK's finances on a firmer footing.

* Rachel Reeves is considering further tax measures and public spending cuts ahead of the November Budget.
* She has said she will "continue to prioritise economic and fiscal stability" in the UK.
* The Chancellor is widely expected to raise taxes at the Budget, with estimates suggesting a £20bn increase needed to meet her financial rules.
* Reeves is considering hikes to payroll taxes paid by employers, property taxes, and higher taxes for betting companies.
* Labour's tax promises may limit her options, as she has pledged not to hike income tax rates, VAT, corporation tax, or National Insurance.
* The Chancellor has also hinted at the possibility of cuts to public spending, but this is seen as politically unviable by many Labour MPs.
* The IMF predicts the UK will have the highest rate of inflation among G7 nations both this year and next.
* Shadow Chancellor Sir Mel Stride has accused Reeves of "economic mismanagement" and called for her to get a grip on public spending.
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