Brits to Face Tax Hikes in Halloween Budget, Confirms Chancellor Rachel Reeves

Chancellor Reveals Plans for Tax Increases

Brits will be hit with tax hikes in the upcoming Halloween Budget, as confirmed by Chancellor Rachel Reeves. After signaling for weeks, Reeves declared that the new Labour Government will need to implement tax increases to address the £22bn shortfall in public finances left by the previous administration.

"Difficult Decisions" Ahead

Reeves warned of tough choices ahead, with plans for spending cuts in welfare and tax. She emphasized the importance of adhering to fiscal rules to manage public finances effectively.

Potential Changes to Capital Gains Tax and Inheritance Tax

While ruling out increases to National Insurance, VAT, and Income Tax as per the manifesto, Reeves did not dismiss the possibility of adjusting capital gains tax and inheritance tax to generate additional revenue.

Labour's Election Promise Under Scrutiny

Shadow Chief Secretary to the Treasury Laura Trott criticized Labour for potentially breaking their pledge not to raise taxes on working people, a promise reiterated 50 times during the election campaign.