Summary
The UK Chancellor, Rachel Reeves, announced that the country's Budget will be revealed on November 26. This Budget will outline the government's plans for taxation and spending. Reeves faces challenges in balancing finances and maintaining financial confidence amid rising borrowing costs and sluggish economic growth.
Key Facts
- Rachel Reeves, the UK Chancellor, confirmed the Budget date as November 26.
- The Budget will include taxation and spending plans for services like hospitals, schools, and the military.
- There is pressure to balance the public finances, aiming to boost economic growth.
- Economic forecasts indicate possible tax rises or spending cuts are necessary.
- The Labour Party promised not to increase certain taxes, including VAT and National Insurance.
- Rising government borrowing costs are making debt more expensive.
- The Office for Budget Responsibility (OBR) is tasked with providing a new economic forecast.
- Reeves has pledged to ensure day-to-day costs are paid by taxes by 2029-30 and to reduce national debt as a share of income by then.
