What taxes could rise at next Budget?

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"Government borrowing in August was the highest in five years, official figures revealed. While tax receipts had increased following Labour's first Autumn Budget, the rises were offset by higher spending on public services, benefits and interest on debt, the Office for National Statistics (ONS) said. Economists have predicted the chancellor may need to find as much as 40bn at the fiscal event."

"Chancellor Rachel Reeves will oversee Labour's second Budget on 26 November (AFP/Getty) Speaking on Monday, Ms Reeves doubled down on Labour's commitment not to raise taxes on working people meaning no rise to the headline rate of income tax, national insurance or VAT."

The Independent requests donations to fund on-the-ground journalism and keep reporting freely accessible without paywalls. The outlet highlights coverage across reproductive rights, climate change, and Big Tech, including investigations and a documentary titled 'The A Word'. Chancellor Rachel Reeves will oversee Labour's second Budget on 26 November and has insisted there will be no increase to headline income tax, national insurance, or VAT. Government borrowing in August reached the highest level in five years. Increased tax receipts after the Autumn Budget were offset by higher public service spending, benefits, and interest payments. Economists estimate the chancellor may need to find around £40bn at the fiscal event.

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