Rachel Reeves urged to cut national insurance and hike income tax in upcoming budget
The Resolution Foundation proposes a 2p cut to national insurance and a 2p rise in income tax to address tax unfairness and raise £6 billion, easing the burden on workers' pay.
- Chancellor Rachel Reeves prepares to deliver a November 26 Budget expected to include significant tax rises amid fiscal challenges in the UK.
- The need for tax increases arises from rising borrowing costs, flat economic growth, and new government spending commitments this autumn.
- The Resolution Foundation recommends cutting national insurance by 2p and raising income tax by 2p to create a fairer tax system.
- This tax switch could raise £6 billion since income tax covers more people, including pensioners and landlords, while sparing salaried workers.
- The Budget’s outcomes may be painful, requiring the Chancellor to cautiously balance tax rises while protecting workers’ pay and calming bond markets.
32 Articles
32 Articles
Rachel Reeves told to cut national insurance and raise income tax to gain £6bn
Chancellor Rachel Reeves has been told to cut national insurance for workers by two per cent and raise income tax by the same amount, with economists at a left-leaning think tank claiming a £6bn gain in revenue could be made. The Resolution Foundation, once the workplace of Treasury ...
Reeves told to target pensioners and landlords to fill Budget black hole
Chancellor Rachel Reeves should cut National Insurance (NI) and hike income tax to "level the playing field" between workers and groups like pensioners and landlords, a leading think tank has said.
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