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Rachel Reeves has hinted at potential
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tax hikes for millions of Brits in her
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latest speech. The chancellor has hinted
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that she will hike taxes in all
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directions, saying that everyone has to
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pitch in to fix the UK economy. That was
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in a speech this morning at Downing
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Street. She trailed tough choices ahead
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at the budget on the 26th of November.
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She said her focus will be on NHS
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spending, lowering inflation, and trying
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to reduce debt to cut borrowing costs.
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But there's a chance, a strong chance
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that taxes that they promised wouldn't
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raise will rise. She wouldn't be drawn
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on exactly what taxes they are, but
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pointed out that the country is facing
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big challenges. Inflation is of course
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stubborn and global headwinds are
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impacting us at home. Reeves emphasized
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the importance of honesty with the
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public. She wants people to understand
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that there are tough decisions ahead and
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she's trying to get ahead of the
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narrative. She noted that last year's
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tax hike was necessary, but now says
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challenges have emerged and they might
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have to do it all over again. She has
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said she's committed to welfare reform,
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aiming for a system that supports
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success and getting people back into
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work rather than keeping people out of
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it. The opposition has a lot of
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ammunition to work with. Shadow
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Chancellor Mel Stride said it's an
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admission of failure, while others from
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all sides have argued it burdens working
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people. Despite the tough talk, bond
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traders seemed somewhat reassured by
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Reeves's ironclad fiscal rules with
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borrowing costs slightly dipping after
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the speech. So, what tax rises do you
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think are on the horizon? And how are
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you feeling about the budget? Let us
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know in the comments below.
