Labour's 2024 Budget to Focus on Tax Hikes and Public Spending
Chancellor Rachel Reeves prepares to unveil major fiscal changes amid economic challenges and public service demands.
- Labour's first Budget in 14 years is expected to introduce significant tax increases and spending cuts, with a focus on addressing a £40 billion fiscal gap.
- Key areas of potential tax hikes include capital gains tax, inheritance tax, and employer national insurance contributions, though specifics remain unconfirmed.
- The government aims to avoid austerity by boosting public services, despite concerns about the impact of higher taxes on disposable incomes.
- The International Monetary Fund has upgraded the UK's economic growth forecast to 1.1% for 2024, citing progress in controlling inflation.
- Chancellor Reeves faces pressure to balance public spending needs with fiscal responsibility, amid rising government borrowing and public sector pay costs.
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