Rachel Reeves has vowed to take “fair and necessary choices” on the economy in today’s Autumn Budget.
Tax rises are expected in the highly anticipated Budget, with Reeves set to appear at the despatch box from 12.30pm.
In a video, the Chancellor has acknowledged public anger and frustration at “unfairness in our economy”. Both Prime Minister Sir Keir Starmer and Reeves are faring poorly in popularity polls at present just 16 months after taking office.
Reeves is looking to fill a black hole in the public finances with a “smorgasbord” of tax rises after an apparent U-turn on an increase in income tax.
Two tax changes were announced yesterday: the expansion of the sugar tax to cover packaged milkshakes and lattes, plus devolved powers for English mayors to impose a tourist tax.
Minimum wage rates will increase next year to £12.71 for adults aged 21 and over, and to £10.85 for 18-20-year-olds.
Reeves is also expected to ditch the two-child benefit cap and makes changes to ISAs.