Chancellor of the Exchequer Rachel Reeves told cabinet ministers that tax increases in the Labour government’s fall budget are likely to be even more challenging than a £40 billion ($55 billion) ­package she put in place last year, the Times reported Bloomberg Terminal . Reeves said the new increases are likely to be smaller but that she has limited options as taxes need to rise to cover the cost of abandoning welfare reforms, according to the report. Her comments went further than her public statements that have been less explicit about the prospect of higher taxes, the Times said.

Source: The Times July 04, 2025 23:03 UTC