Rachel Reeves refuses to rule out additional tax rises in 2026 | EUROtoday

Chancellor Rachel Reeves refused to rule out additional tax rises, however stated they’re “less necessary” following her November Budget.

Ms Reeves elevated taxes by £26 billion in November’s Budget, together with freezing thresholds on earnings tax.

In an interview with The i Paper, she stated the strikes had offered the federal government with cowl for issues arising in an “incredibly volatile” world.

She stated: “What I did do in the Budget a couple of weeks ago was increase the fiscal headroom that the Government has, more than doubled that, which means that when further disruption and shocks come our way – we’re better able to withstand those sorts of shocks, which will mean further changes to taxes are less necessary.”

She refused to make predictions on future strikes as a result of “it would be wrong to start writing future Budgets just a couple of weeks after the last Budget”.

Ms Reeves recognized serving to folks get on the housing ladder by holding rates of interest low as a key concern.

“There has been a decline in home ownership over the last 10 or 15 years,” she stated.

“I want to move in the other direction and find more people being able to get a mortgage and get on the housing ladder, because I know that that is the aspiration for so many people.”

She backed proposals for extra versatile mortgages being thought-about by the Financial Conduct Authority, which might enable folks to “borrow more and also borrow a bigger multiple of what your income is”.