CHANCELLOR Rachel Reeves is considering more than 100 tax and spending measures for the 26 November budget as the government seeks to close a £30 billion fiscal gap, according to reports.
Transport secretary Heidi Alexander told Times Radio that Labour would continue to support “working people” and those “working hard on modest incomes”. She said: “What we have always said is that we’re a party that wants to make sure that people who are working hard on modest incomes, working people, that we make sure that we’re getting more money in their pocket, that they are seeing their living standards rise.”
The Office for Budget Responsibility (OBR) has handed Reeves its latest economic forecasts, including a £20 billion downgrade in productivity. However, it has upgraded projections for GDP growth and reduced expected debt interest payments due to lower gilt yields.
A government source told The Times there was still “a lot of back and forth” with the OBR over growth measures and that around a hundred tax and spending options remained under consideration, including potential changes to income tax.
Defence secretary John Healey said weaker forecasts would have “consequences” but declined to confirm whether Labour would maintain its pledge not to raise income tax, national insurance or VAT.
Reports suggest Treasury officials have been asked to protect the lower two thirds of earners, which could leave those earning above £45,000 exposed.
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