Chancellor Rachel Reeves has refused to confirm if she will still be in her role at the next general election, following a Budget announcement that included a substantial package of tax increases.
A Budget of Tax Rises
During her Budget speech, Rachel Reeves laid out plans for £26 billion in tax hikes. The Chancellor explained that the changes to tax rates would not be immediate, with thresholds being set towards the end of the current parliament due to previous freezes enacted by the former government.
Economic Downgrade and OBR Gaffe
The proposed tax increases were announced against a backdrop of worsening economic forecasts. A report from the independent Office for Budget Responsibility (OBR) detailed a downgrade in the forecast for the UK's economic growth. In an embarrassing pre-empt, this critical report was inadvertently published online before the Chancellor had even begun her speech to the House.
Future Uncertain for Chancellor
When pressed by journalists on whether she would still be Chancellor by the time of the next election, Reeves notably dodged the question. She chose instead to focus on the technical details of the Budget's implementation, leaving her political future a subject of intense speculation in Westminster.
The combination of significant tax rises and a dimmer economic outlook presents a major challenge for the government, with all eyes now on how these measures will be received by the public and markets in the coming weeks.
