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UK's Reeves says no plans to raise taxes on scale of 2024 budget
Published by Global Banking & Finance Review®
Posted on June 4, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
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Published by Global Banking & Finance Review®
Posted on June 4, 2025
1 min readLast updated: January 23, 2026
Rachel Reeves confirms no major tax hikes for 2024, focusing on stable public finances and regional transport investments.
LONDON (Reuters) -British finance minister Rachel Reeves said on Wednesday the government did not have any plans to announce tax hikes on a scale similar to the 40 billion pounds ($54 billion) of increases introduced in last year's budget in October.
"I have absolutely no intention of repeating a budget on that scale again," she told a press conference in northwest England, where she announced investments in regional transport projects.
Reeves said her Oct. 30 tax rises had been necessary to repair the public finances but that they were now on a "firm footing".
She will present a spending review next week, setting out the budgets for government departments for the rest of the parliamentary term.
($1 = 0.7390 pounds)
(Reporting by Muvija M and David Milliken; Writing by Catarina Demony; Editing by Sachin Ravikumar)
Rachel Reeves stated that the government has no plans for tax hikes similar to the previous £40 billion budget.
The tax rises announced on October 30 were deemed necessary to repair the public finances, which are now on a firm footing.
She will present a spending review that outlines the budgets for government departments for the remainder of the parliamentary term.
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