October Budget to See Tax Increases, Says UK Finance Minister

The newly appointed British finance minister, Rachel Reeves, confirmed on Tuesday that she would have to increase taxes in her budget for October 30, which was expected given that she had earlier this week revealed a 22 billion pound deficit in this year’s budget.

After the Labour Party won a landslide victory on July 4, Reeves, who assumed leadership of the finance ministry, stated, “I think that we will have to increase taxes in the budget.” In an interview with The News Agents podcast, she said as much.

Reeves had previously stated that “difficult decisions” would be required in the budget, particularly on taxes, but he refrained from directly saying that taxes would increase.

She reiterated her vow to keep income tax, value-added tax, corporate tax, and social security benefits rates unchanged, but she did not specify which taxes will be raised.

In addition to the tax hike, budget cuts of 13.5 billion pounds for the next two years were also revealed on Monday. According to Reeves, the previous Conservative government had concealed the actual situation of the public finances, which is why the cuts were necessary.

The last 14-year ruling Conservative Party refutes these charges, claiming that Labour had always intended to raise taxes.

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