According to a report by The Independent on October 18, the UK Prime Minister has reaffirmed that the government will "keep our election promises". Chancellor of the Exchequer Rachel Reeves is considering extending the freeze on income tax thresholds beyond 2028, which could raise £7 billion.
Continuing the freeze on policies helps to fill the £40 billion funding gap currently facing the Chancellor of the Exchequer, thus avoiding a return to austerity measures. The Labour party's election manifesto promises not to raise income tax rates, but does not mention tax thresholds. Senior Labour officials have previously included freeze policies in the list of "25 tax hikes by the Conservative party.
According to reports from multiple media sources, among other measures being considered is the imposition of a tax on e-cigarettes. The Finance Ministry has not commented on such budget speculation. However, when asked about possible tax changes at a press conference in Berlin, Keir Starmer stated, "We will uphold our election promises.
I will not disclose in advance the specific measures that the Chancellor of the Exchequer will announce at the appropriate time. This budget will restore foundations and rebuild our country.
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