Rachel Reeves' October Budget: Taxes and Spending Cuts Ahead
Tuesday, 20 August 2024, 19:00
Rachel Reeves' Budget Strategy
Rachel Reeves is focusing on a fiscal strategy that includes raising taxes and cutting spending in the upcoming October budget. In light of stronger-than-anticipated growth in early 2024, the Chancellor highlights a persistent challenge: a substantial black hole in public finances.
Details of the Proposal
- Increased revenue from inheritance tax and capital gains tax.
- A commitment to a mere 1% increase in public spending, impacting Whitehall departments.
- Maintaining the two-child benefit cap despite external pressures.
- Adjusting debt measurement methodologies to exclude the Bank of England’s impact.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.