Published by Iain Gilbert on 12th October 2025
(Sharecast News) - Rachel Reeves has signalled the better off will be forced to "contribute more" as she prepares to raise taxes at the Budget. Treasury sources have said that the Chancellor will not cut spending on public services or significantly increase borrowing, as she looks to plug a £20-30bn black hole in the public finances. It will leave her with no option but to increase taxes substantially. Ms Reeves will argue that growth boosting reforms, such as a further loosening of planning rules, can avoid the need for tax rises on "working families". She will instead target those with higher incomes or more wealth, The Telegraph understands. Sources close to the Chancellor said: "She will be fair when asking those to contribute more to rebuild our public services." - Telegraph