According to Jin10 data on October 14, UK Chancellor of the Exchequer Reeves has set the tone for next month’s difficult budget, stating in a cabinet meeting that high borrowing costs and debt levels mean there will be less funding available for public services. A government spokesperson said on Tuesday that Reeves attributes the current challenges to “growth and productivity data consistently falling below official forecasts over the past 15 years.” In last year’s budget, the UK government primarily targeted corporate tax increases, with a total tax burden of around £40 billion. Although Reeves had pledged not to raise taxes again in the short term at that time, economists expect her to seek tax increases again in the new budget on November 26. Sources say that Reeves plans to allocate a larger fiscal buffer than the £9.9 billion set aside last year in next month’s budget to reduce borrowing costs and enhance the resilience of public finances to market fluctuations.
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