Overview
- The chancellor declined to commit to no further tax hikes, arguing it is too soon to write another Budget.
- Her November statement raised £26bn and extended the freeze on income tax thresholds until 2031.
- Officials expect the threshold freeze to bring about 1.8 million more people into higher or new tax liabilities over time.
- Combined with an earlier package, reported tax increases since Labour took office total roughly £66bn, pushing the overall burden to its highest since the Second World War.
- The IFS warned of weaker living standards and BMG polling for The i Paper showed a negative public reaction, as Reeves also backed more flexible FCA mortgage lending and planning reforms to help first-time buyers.