UK Labour’s first autumn Budget, led by Chancellor Rachel Reeves, will introduce new tax measures to address the government's financial shortfall. Key proposals include a flat 30% pension tax relief rate, which would increase taxes for higher earners but benefit basic rate earners, and closing Inheritance Tax loopholes to raise an additional £4.8bn annually by 2029. The party has ruled out increases to National Insurance, Income Tax, or VAT, and plans to better manage existing resources and attract private sector investment. The Institute for Fiscal Studies (IFS) has criticized Labour's spending plans as insufficient, questioning the feasibility of their financial strategies.