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Chancellor Reeves Proposes Wealth Tax Amid Growth Downgrade

10/16/2025

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Summary

Story summary

Chancellor Rachel Reeves (Chancellor of the Exchequer, United Kingdom) announced plans for higher taxes on the wealthy in the upcoming budget to address a shortfall and boost growth.
Speaking in Washington, Reeves dismissed critics' concerns about tax increases and said the UK will not return to austerity.
The Office for Budget Responsibility (OBR) is expected to downgrade growth forecasts, revealing a £10bn-£20bn weaker outlook.

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Story summary

Chancellor Rachel Reeves (Chancellor of the Exchequer, United Kingdom) announced plans for higher taxes on the wealthy in the upcoming budget to address a shortfall and boost growth.
Speaking in Washington, Reeves dismissed critics' concerns about tax increases and said the UK will not return to austerity.
The Office for Budget Responsibility (OBR) is expected to downgrade growth forecasts, revealing a £10bn-£20bn weaker outlook.