"Rumour has it that Rachel Reeves is limbering up for November with a Budget that will make the taxman's quill squeak like a stuck pig. Property, pensions, profits, pasties - all grist to the Exchequer's mill. The Treasury is leaving no stone unturned, no pocket unpicked, no cupboard unopened. The only thing, one suspects, that remains miraculously safe from her fiscal scythe is Larry the Cat's supper."
"The mood music is grimly familiar. Reeves is billed as Britain's most hawk-eyed chancellor since Gladstone, scrutinising every allowance and relief with the intensity of a headmistress checking pockets for contraband. She talks of "closing loopholes" and "fiscal responsibility", which translates as: if you earn it, spend it, save it or feed it to your cat, I want a slice."
Rachel Reeves is preparing a November Budget targeting a wide range of revenue sources including property, pensions, profits and everyday purchases. The Treasury plans exhaustive reviews of allowances, reliefs and loopholes with close scrutiny of personal and corporate finances. Proposed measures could extend to consumption taxes and items previously untaxed, raising concerns about higher VAT on domestic goods and even pet food. The tone suggests fiscal austerity aimed at extracting revenue from leisure, comfort and small indulgences. Public sensitivity to certain taxes may limit some moves, but many households and institutions can expect tightened tax rules and fewer exemptions.
Read at Business Matters
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