Rachel Reeves has confirmed she will hit the wealthy with tax hikes in her upcoming Budget. The Chancellor said that higher taxes for the most well-off “will be part of the story”.
It comes as Ms Reeves is preparing for her November 26 statement amid warnings of a black hole in the public finances of up to £50 million. Speaking as she attended the International Monetary Fund (IMF) meeting in Washington, Ms Reeves told the Guardian: “Last year, when we announced things like the non-doms, like the private equity, like the VAT on private school fees, there was so much bleating that it wasn’t going to raise the money – that people would leave.
“The OBR will publish updated numbers on all of those things. And that scaremongering didn’t pay off, because this is a brilliant country and people want to live here.
“And I think, when people scaremonger again this year, we should take some of that with a pinch of salt.”
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