Chancellor admits economy ‘feels stuck’ for many as she signals intention to freeze income tax thresholds You be the chancellor: play our budget game Rachel Reeves has promised to “grip the cost of living” in the budget as she prepares to scrap the two-child welfare limit and freeze rail fares, while putting forward a multibillion-pound … Read more
Industry experts welcome extra incentives but fear a consultation on a mileage tax sends mixed messages Drivers will be able to claim government subsidies to cut the cost of buying a new electric car until 2030 under plans to be announced by Rachel Reeves at next week’s budget. The chancellor will unveil an extra £1.3bn … Read more
Simon Case says voters will look elsewhere if chancellor cannot find solutions to tax, spending and debt problems Voters will look elsewhere if Rachel Reeves does not use next week’s pivotal budget to show that “centre-ground” politicians can fix the UK’s entrenched economic problems, the former head of the civil service, Simon Case, has said. … Read more
One possible alteration was thought to be tax-free cash drawdowns, but the chancellor may have turned to salary sacrifice schemes Rumours about what Rachel Reeves may, or may not, do to pensions in the budget continue to swirl. One much-debated possible change – cutting the amount of tax-free cash that people can take from their … Read more
Labour had laid the ground to break a manifesto pledge on taxes for working people but has now made a U-turn Rachel Reeves is set to abandon a plan to raise income tax in her budget with the chancellor reportedly “ripping up” the main measures in the wake of turmoil in the party. A source … Read more
Exclusive: chancellor plans to fund energy efficiency levies via warm homes plan as part of drive to lower energy bills Hundreds of thousands of homeowners will lose their right to subsidies for eco-friendly heat pumps as a result of government plans to bring down energy bills at the budget. Rachel Reeves, the chancellor, is planning … Read more
Chancellor understood to be preparing to fully reverse measure, which would cost over £3bn but could lift 350,000 children out of poverty Rachel Reeves is planning to remove the two-child benefit cap in full in the November budget, in a move that could cost more than £3bn but lift 350,000 children out of poverty. The … Read more
Coalition says ‘arbitrary and nonsensical’ rules are penalising work and discouraging investment Thinktanks from across the political spectrum are urging Rachel Reeves to use this month’s budget to overhaul the “broken” tax system, including abolishing stamp duty and merging income tax and national insurance. The group, which ranges from the rightwing Adam Smith Institute to … Read more
Exclusive: Chancellor hopes to save up to £170 from average bill but industry insiders say move would be ‘disastrous’ Prospect of breaking 50-year income tax taboo shows scale of Reeves’s challenge Rachel Reeves is considering slashing funding for more energy efficient homes to pay for a reduction in energy bills, sources have told the Guardian, … Read more
Chancellor to promise ‘fairness and opportunity’ but will not repeat manifesto pledge on tax, after PM’s hint at breach Rachel Reeves will lay the groundwork for a tax-raising budget that could break Labour’s election promise on income tax, in a major speech in which she will be “candid” about the tough choices ahead. The chancellor … Read more