Ms. Reeves will also promise that “working people won’t face higher taxes in their payslips” when she takes the stage in the Commons just after 12.30 p.m. today.
She will emphasize, though, that Labour’s pledge in the manifesto to maintain national insurance only refers to employee contributions, opening the door for a rise in business taxes.
‘Biggest tax-raising budget in history’ warning: the most recent information
According to the chancellor, there will be “more pounds in people’s pockets” if income tax and VAT stay the same.
I have more faith in Britain than ever before. And the enormous prize up for grabs today is Ms. Reeves.
However, Ms. Reeves opens the door for rises in inheritance tax, stamp duty, capital gains tax, fuel duty, tobacco duty, alcohol duty, and many other rates by committing just to ring-fence paystubs.
In order to encourage more investment, she also plans to alter the fiscal regulations, which control how the government borrows and repays debt.
According to Ms. Reeves, the government’s top priorities are to rebuild Britain, improve the NHS, and safeguard the paychecks of working people.
