In a surprising turn of events, details of the upcoming UK budget have been accidentally released ahead of the Chancellor’s speech in the House of Commons. The leaked Office for Budget Responsibility (OBR) report reveals a series of significant tax increases set to be implemented by Rachel Reeves, including a £26 billion tax raid.
According to the document, Reeves plans to raise £8.3 billion by freezing income tax thresholds, effectively increasing the tax burden on millions of Britons. Additionally, a new £4.7 billion tax on pensions will be introduced by scrapping National Insurance relief, and fuel duty is set to rise, ending a long-standing freeze.
The report also confirms that a £2 million property tax will be implemented, generating an estimated £4.7 billion in revenue. This move is likely to be met with significant backlash from homeowners and the property industry.
Surprisingly, the leaked report shows that the Chancellor has managed to increase her Budget headroom to £22 billion, providing her with more fiscal flexibility than expected. This suggests that the government may have additional measures up its sleeve to address the ongoing economic challenges facing the UK.
The early release of these details has caused a stir in the political and financial spheres, with experts and commentators already weighing in on the potential impact of these tax hikes. As the Chancellor prepares to deliver her budget speech, the public and businesses will be closely watching to see how these measures will affect their finances and the broader economic landscape.
