Chancellor Rachel Reeves has indicated that higher taxes on the wealthy will feature in the upcoming November budget, as she dismissed criticism as 'scaremongering'. Speaking at the International Monetary Fund meetings in Washington, Reeves told the Guardian that tax increases for the most well-off would be 'part of the story'.
Reeves is expected to announce a package of tax rises on 26 November, following a downgrade in growth forecasts from the Office for Budget Responsibility. She defended previous tax measures, including changes to non-domiciled tax status and VAT on private school fees, saying that warnings of people leaving the country had not materialised.
The chancellor ruled out a new 'wealth tax' but campaigners have suggested options such as raising capital gains tax, levying national insurance on rental income, and creating higher council tax bands. Reeves declined to comment on specific measures but stressed the package would aim to boost economic growth.
Reeves also ruled out a return to austerity, saying the government would stick to its investment plans despite a challenging global environment. She criticised the OBR for the timing of its productivity review, which she said should have been conducted before the election.
