Shadow chancellor Rachel Reeves has promised that there will be “no additional tax rises” beyond those she has set out if Labour wins the general election.In her first major speech of the election campaign, Ms Reeves said that every Labour policy “will be fully funded and fully costed – no ifs, no ands, no buts”.But the Institute of Fiscal Studies (IFS), an independent think tank, has warned that whoever wins may have to raise taxes or cut spending.Prime Minister Rishi Sunak claimed that Labour’s plans will cost “every working family” £2,000 each.Speaking at the engineering giant Rolls-Royce in Derby, Ms Reeves reiterated Labour’s plans to recruit thousands of additional teachers and introduce 40,000 NHS appointments every week.She said that Labour’s plan to restore stability to the economy would be “underpinned by robust fiscal rules”, which are self-imposed, such as getting debt falling as a share of national income by the end of the parliament.However, the IFS has said that the state of public finances hangs over the election campaign “like a dark cloud” and the winning party may have to reduce spending or lift taxes – something that Ms Reeves ruled out on Tuesday. The shadow chancellor said that she wants to lower taxes and increase the thresholds for those people who pay income tax.Income tax thresholds have been frozen since 2021. This can mean that if a person’s pay increases, they may enter a higher tax bracket. Ms Reeves told the BBC: “I want to bring taxes down and I want those tax thresholds to go up so peop …
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[mwai_chat context=”Let’s have a discussion about this article:nnShadow chancellor Rachel Reeves has promised that there will be “no additional tax rises” beyond those she has set out if Labour wins the general election.In her first major speech of the election campaign, Ms Reeves said that every Labour policy “will be fully funded and fully costed – no ifs, no ands, no buts”.But the Institute of Fiscal Studies (IFS), an independent think tank, has warned that whoever wins may have to raise taxes or cut spending.Prime Minister Rishi Sunak claimed that Labour’s plans will cost “every working family” £2,000 each.Speaking at the engineering giant Rolls-Royce in Derby, Ms Reeves reiterated Labour’s plans to recruit thousands of additional teachers and introduce 40,000 NHS appointments every week.She said that Labour’s plan to restore stability to the economy would be “underpinned by robust fiscal rules”, which are self-imposed, such as getting debt falling as a share of national income by the end of the parliament.However, the IFS has said that the state of public finances hangs over the election campaign “like a dark cloud” and the winning party may have to reduce spending or lift taxes – something that Ms Reeves ruled out on Tuesday. The shadow chancellor said that she wants to lower taxes and increase the thresholds for those people who pay income tax.Income tax thresholds have been frozen since 2021. This can mean that if a person’s pay increases, they may enter a higher tax bracket. Ms Reeves told the BBC: “I want to bring taxes down and I want those tax thresholds to go up so peop …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
