The chancellor is aiming to make £40bn worth of tax rises and spending cuts to fill ‘black hole’ in public finances
The chancellor, Rachel Reeves, is exploring ways to raise billions of pounds extra in taxes at the budget.
Labour outlined about £9bn worth of tax-raising measures in its manifesto, but also committed not to increase taxes on “working people” using the three biggest revenue-raisers for the Treasury: income tax, national insurance and VAT. The party also committed to not increasing corporation tax on businesses.
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