"When asked whether she would still be in her position as income to the treasury from the tax rises would take effect after the country next goes to the polls, Reeves said: "It is often not possible to change those rates overnight. And of course, the thresholds are towards the end of the parliament because the Tories already froze them.""
"The tax hikes come as Ms Reeves battles a downgrade in forecast economic growth, delivered in a report by the Office for Budget Responsibility (OBR) published by mistake before the speech."
Rachel Reeves avoided confirming whether she will remain chancellor at the next general election after unveiling a package of £26bn in tax rises in the Budget. She said tax rates cannot always be changed overnight and noted that threshold changes are scheduled toward the end of the parliament because the Conservatives froze them. The package of tax increases is intended to raise income for the Treasury. The Office for Budget Responsibility delivered a downgraded economic growth forecast, and that report was published by mistake before the Budget speech.
Read at www.independent.co.uk
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