Keir Starmer says autumn budget will be ‘painful’ in Downing Street speech

finance
Created 8/27/2024
Updated 8/27/2024

UK Prime Minister Sir Keir Starmer has signaled that the upcoming autumn Budget will be "painful," with likely tax increases to address what he describes as a £22bn deficit left by the previous Conservative government. While ruling out hikes in income tax, national insurance, and VAT, Starmer emphasized that those with greater financial capacity should bear more of the burden. His government prioritizes economic growth and aims to restore integrity by addressing recent allegations of cronyism. Chancellor Rachel Reeves also hinted at potential tax rises in October.

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