4 days ago
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U.K. Braces for Tax-Raising Budget
The U.K. authorities is expected to unveil a flurry of taxation increases connected Wednesday arsenic it seeks to enactment up the country's finances.
Chancellor Rachel Reeves antecedently floated raising income taxes, but changed people and present is expected to present "stealth taxes" targeting higher earners. These could see a frost connected income-tax thresholds, a "mansion tax," and a headdress connected immoderate tax-free pension allowances.
Investors person been tense heading into the budget, with Reeves's reversal connected income-tax hikes sparking a bond-market selloff earlier this month. But successful caller days, markets person steadied arsenic assorted taxation and spending plans leaked. The specter of erstwhile U.K. Prime Minister Liz Truss's 2023 budget—which included unfunded taxation cuts that caused an capitalist revolt—lingers.
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