Tax Increase in the UK Called ‘Biggest Betrayal in History’ by Former Chancellor
The UK Chancellor of the Exchequer has suggested that Labour may need to increase taxes, a decision criticized by her predecessor as a "betrayal." For the complete article, visit RT.com.
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Rachel Reeves, the UK's Chancellor of the Exchequer and Labour finance chief, has faced allegations of reneging on her campaign commitments. Her predecessor, Conservative Jeremy Hunt, described the potential tax hikes in her forthcoming budget as "the biggest betrayal in history by a new chancellor."
Reeves assumed her position as the nation's principal financial minister following Labour's decisive victory in the recent general election. In a statement to Parliament on Monday, she highlighted that the prior 14 years under Conservative governance had resulted in a budget overrun of £22 billion ($28 billion).
Hunt criticized Reeves for shifting the blame and setting the stage to diverge from her pre-election pledges. “When she does, her first budget will become the biggest betrayal in history by a new chancellor,” Hunt stated.
While acknowledging the likelihood of increased taxes in the upcoming October budget, Reeves affirmed her commitment to not altering Value Added Tax, National Insurance, or income tax rates.
In an interview on the News Agents podcast, released Tuesday, Reeves acknowledged, “I think we will have to raise taxes,” but reinforced her dedication to the Labour manifesto. “I stick by everything in our manifesto,” she asserted, also noting the provision of salary increases for millions of public sector employees, marking their first significant pay rise in a decade.
The dialogue continued with Hunt accusing the new chancellor of dodging tough decisions. He commented on X (formerly Twitter), “Reeves will do what she planned all along like every Labour Chancellor in history – raise your taxes.”
This debate follows Reeves' decision a day earlier to cancel several infrastructure initiatives previously planned by the Conservative government, aiming to address the budget deficit.
Mathilde Moreau for TROIB News
Reeves assumed her position as the nation's principal financial minister following Labour's decisive victory in the recent general election. In a statement to Parliament on Monday, she highlighted that the prior 14 years under Conservative governance had resulted in a budget overrun of £22 billion ($28 billion).
Hunt criticized Reeves for shifting the blame and setting the stage to diverge from her pre-election pledges. “When she does, her first budget will become the biggest betrayal in history by a new chancellor,” Hunt stated.
While acknowledging the likelihood of increased taxes in the upcoming October budget, Reeves affirmed her commitment to not altering Value Added Tax, National Insurance, or income tax rates.
In an interview on the News Agents podcast, released Tuesday, Reeves acknowledged, “I think we will have to raise taxes,” but reinforced her dedication to the Labour manifesto. “I stick by everything in our manifesto,” she asserted, also noting the provision of salary increases for millions of public sector employees, marking their first significant pay rise in a decade.
The dialogue continued with Hunt accusing the new chancellor of dodging tough decisions. He commented on X (formerly Twitter), “Reeves will do what she planned all along like every Labour Chancellor in history – raise your taxes.”
This debate follows Reeves' decision a day earlier to cancel several infrastructure initiatives previously planned by the Conservative government, aiming to address the budget deficit.
Mathilde Moreau for TROIB News
