British Prime Minister Sir Keir Starmer (L) meeting Chancellor of the Exchequer Rachel Reeves (R) at Downing Street in London on Oct. 28. 2024. Hollie Adams/PA
Chancellor of the Exchequer Rachel Reeves is preparing a budget that is expected to hike taxes as a slowing UK economy and increasing government borrowing leave the Labour government with few alternatives.
The treasury chief will set out the government’s tax and spending plans on Nov. 26, amid a tough economic outlook, with inflation above the pre-COVID-19 pandemic norms at 3.6 percent, and public sector debt at about 94.5 percent of GDP, according to the UK’s Office of National Statistics.
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