Chancellor Rachel Reeves has ruled out increasing income tax rates, but that doesn't mean she's off the hook yet. With the public finances in dire need of repair, the chancellor is expected to raise billions of pounds in revenue through various means.
One potential option is freezing income tax thresholds for another two years, until 2030. This move has been seen as a way to balance the books while avoiding any painful increases for lower-income earners. The plan could bring in around £7.5 billion per year, but it's unclear whether Reeves will stick to her word on this one.
Another idea is to implement a pay-per-mile charge for electric vehicles. While it may not be a revenue-generating goldmine just yet, the Treasury expects initial returns to build up over time. The cost of driving an EV would increase by 3p per mile, but details remain scarce.
The chancellor has also been considering raising taxes on gambling. A proposed £3 billion hike is expected to tackle child poverty and bring in some much-needed cash for the government. However, it's unclear whether Reeves will take the plunge or if the plan will be watered down.
A more contentious idea is cutting pensions tax relief through salary sacrifice schemes. While this could raise up to £4 billion per year, there are concerns that workers might lose out on benefits by giving up a chunk of their paycheck.
Last but not least, Reeves has been eyeing double council tax for properties in the top two bands – a move that would rake in an estimated £4 billion per year. But with critics warning about unfairness and potential backlash from high-net-worth property owners, this plan is far from a surefire success.
As the chancellor searches for ways to bolster the public finances, one thing's clear: she won't be shy on raising revenue – even if it means getting her hands dirty in tricky policy areas.
One potential option is freezing income tax thresholds for another two years, until 2030. This move has been seen as a way to balance the books while avoiding any painful increases for lower-income earners. The plan could bring in around £7.5 billion per year, but it's unclear whether Reeves will stick to her word on this one.
Another idea is to implement a pay-per-mile charge for electric vehicles. While it may not be a revenue-generating goldmine just yet, the Treasury expects initial returns to build up over time. The cost of driving an EV would increase by 3p per mile, but details remain scarce.
The chancellor has also been considering raising taxes on gambling. A proposed £3 billion hike is expected to tackle child poverty and bring in some much-needed cash for the government. However, it's unclear whether Reeves will take the plunge or if the plan will be watered down.
A more contentious idea is cutting pensions tax relief through salary sacrifice schemes. While this could raise up to £4 billion per year, there are concerns that workers might lose out on benefits by giving up a chunk of their paycheck.
Last but not least, Reeves has been eyeing double council tax for properties in the top two bands – a move that would rake in an estimated £4 billion per year. But with critics warning about unfairness and potential backlash from high-net-worth property owners, this plan is far from a surefire success.
As the chancellor searches for ways to bolster the public finances, one thing's clear: she won't be shy on raising revenue – even if it means getting her hands dirty in tricky policy areas.
... but like what about those lower-income earners tho? Freezing income tax thresholds for two more years could actually help them out, you know? 
And another thing, have you seen how expensive parking is in uni towns already? Introducing a pay-per-mile charge for electric vehicles might seem harsh now, but think about it - we're all driving around our fancy EVs anyway 
. Maybe it's time to cough up a few pennies. Plus, I'm pretty sure I'd just use the money to buy more snacks 
but what about those who really need help? 
shouldn't we be focusing on raising the tax rates that can actually benefit people? 
at least the EV pay-per-mile charge is a step in the right direction, more eco-friendly roads are long overdue 
let's hope our chancellor finds a sweet spot 
#TaxReform #EcoFriendlyPolicies #PublicFinances
i mean i know the gov is trying to balance the books but cutting pensions tax relief through salary sacrifice schemes? that's just cruel 
i've heard some people might lose out on benefits by doing that, and it's not fair at all. i wish rachel reeves would think about the little people like me 
i mean, i know freezing income tax thresholds is a good idea but £7.5 billion per year just doesn't seem like enough to me 
I feel you... the government's got some tough decisions ahead of them and it's gonna affect us all in different ways 
. The pay-per-mile charge for EVs sounds like a good start, but it's still a bit confusing 
and whats up with doubling council tax on fancy houses 
. And I get why Reeves wants to raise taxes on gambling to tackle child poverty... but what about those who just can't afford to gamble in the first place? It's all about finding that sweet spot where everyone pays their fair share, right? 
.
? Don’t get me wrong, some revenue is better than none... but let's not forget about all the other factors that can affect our economy and public finances