London: British Prime Minister Keir Starmer signalled forthcoming ‘tough decisions’ on taxes ahead of the Labour government’s first Budget since its sweeping election win in July. With Chancellor Rachel Reeves set to deliver the Budget statement on Wednesday, speculation is growing around potential tax hikes, including increases in capital gains and inheritance taxes.
During his pre-Budget 2024 speech in Birmingham, Keir Starmer acknowledged that some may be uneasy about necessary decisions but affirmed Labour’s commitment to working people, pledging that ‘change must be felt’ through action. The Labour manifesto’s pledge not to increase taxes for ‘working people’ has faced criticism, with Keir Starmer defending the term by emphasising its alignment with Labour’s agenda.
In response to concerns over GBP 35 billion in anticipated tax increases, which Labour attributes to a financial deficit left by the previous Conservative government, Keir Starmer vowed that the Budget would avoid austerity measures and secure public finances. He defended these ‘tough decisions’ as essential to Britain’s economic recovery and investment.
This Budget marks a historic first, with Rachel Reeves as UK’s first female Chancellor to deliver it, highlighting Labour’s vision to stabilise the economy and prioritise the interests of working Britons.
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