Market News

LONDON, Oct 30 (Reuters) - British finance minister Rachel Reeves is expected to raise tens of billions of pounds in taxes in her budget on November 26 to stay on track to meet her fiscal targets and avoid a loss of confidence in the bond market.

Reeves has said she is looking at spending reductions too but any cuts are expected to be small.

Following is a summary of measures that Reeves is reportedly considering or has been urged to introduce as she seeks as much as 30 billion pounds ($40.26 billion) a year in extra revenue.
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Reeves and Prime Minister Keir Starmer promised voters last year they would not raise the rates of income tax, value-added tax or social security contributions paid by "working people".
But on October 29 Starmer declined to commit to the pledge and said the economy was in a worse state than thought.

The Guardian reported on October 23 that Reeves might increase the main income tax rate for all workers by one percentage point to raise an extra 8 billion pounds a year.
Such an increase in just the higher and top rates of income tax would raise around 2 billion pounds and 230 million pounds, respectively.