Chancellor Rachel Reeves may need to raise taxes this Autumn to meet her self-imposed borrowing rules, according to recent news reports.
Burgis & Bullock is advising clients to prepare for possible changes, as the government is currently projected to miss its fiscal target by £41.2 billion.
Experts are recommending a moderate but sustained increase in taxes, which could include:
• Reform of the outdated council tax system
• Freezing income tax thresholds
• Potential new levies to support public services
While no decisions have been confirmed, the Autumn Budget is expected to focus on improving living standards and ensuring that people feel better off a challenging goal alongside fiscal tightening.
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