John Healey to deliver his first Budget on Wednesday: What do we know and what tax rises are on the cards?
We examine which taxes are likely to rise, which have been ruled out and whether Healey might reverse some of Labour's most unpopular policies.
Finance minister John Healey is expected to deliver his first Budget this Wednesday. According to Investing.com, which cites reports from the Financial Times, the Treasury plans to provide £20.4 billion in additional capital to the state's infrastructure bank and business lender. This includes an allocation of £15.4 billion to the National Wealth Fund and £5 billion to the British Business Bank over approximately five years.
A Treasury spokesperson told the FT that this funding is intended to support roughly 100,000 jobs by 2035 in sectors such as green energy, defence, and artificial intelligence.
City AM reports that Healey is expected to uphold promises not to raise VAT, national insurance, or income tax. The Chancellor faces pressure from various sides, including demands for increased public spending and the need to adhere to fiscal rules to avoid market volatility. This comes as the Exchequer pays more than £110bn annually in interest on its debt.
This Is Money notes that discussions regarding the upcoming budget include an examination of which taxes may rise and whether certain Labour policies might be reversed.
Brief written by urgent.news from This Is Money, Investing.com, City AM — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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