(July 5): UK 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 (US$55 billion or RM230.54 billion) ­package she put in place last year, The Times reported. 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. Reeves said she regretted going into the parliamentary session in tears after a “tough day in the office” but hoped that people could relate to her distress, The Guardian reported. “It was a personal matter but it was in the glare of the camera,” she was quoted as saying.

Source: The Times July 05, 2025 14:05 UTC