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Chancellor Reeves Hints at More Tax Increases Amid Deficit

11/26/2025

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Summary

Story summary

Chancellor Rachel Reeves has not ruled out future tax increases, despite unveiling a £30 billion tax hike in her Budget.
She cited a £22 billion deficit left by the Conservatives and weaker productivity forecasts.
Treasury minister Torsten Bell backed her stance, saying the focus is on growth and reducing borrowing.
The Conservatives accused Reeves of violating Labour's manifesto promise on worker taxes, citing higher income tax on savers and landlords.

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Story summary

Chancellor Rachel Reeves has not ruled out future tax increases, despite unveiling a £30 billion tax hike in her Budget.
She cited a £22 billion deficit left by the Conservatives and weaker productivity forecasts.
Treasury minister Torsten Bell backed her stance, saying the focus is on growth and reducing borrowing.
The Conservatives accused Reeves of violating Labour's manifesto promise on worker taxes, citing higher income tax on savers and landlords.