UK Chancellor Considers Tax Rises for Autumn Budget

UK Chancellor Considers Tax Rises for Autumn Budget

Following a period of economic slowdown and higher-than-expected inflation, reports from multiple sources indicate that the UK government is laying the groundwork for substantial tax rises.
A leading think tank has estimated that the government faces a spending gap of over £40 billion, which will necessitate difficult fiscal decisions.
The proposed measures could be included in a budget scheduled for November.
This news comes amidst growing public concern about fiscal drag, where more earners are being pushed into higher tax brackets, and coincides with the Institute for Fiscal Studies (IFS) report that council tax reforms could disproportionately increase bills for households in wealthier areas.

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