Raising UK Taxes Tops List of Reeves’ Budget Repair Options

Rachel Reeves faces a set of difficult and potentially election promise-breaking decisions as she seeks to close a yawning gap in the public finances when she draws up the UK’s annual budget next month.

Britain’s chancellor will have to find as much as £35 billion ($46 billion) in order to restore the £9.9 billion margin for error she enjoyed in the accounts in March. That’s because weak growth, higher borrowing costs and policy u-turns have punched a hole in her spending plans.

UK Prime Minister Keir Starmer on Wednesday opened the door to Labour breaking its flagship manifesto pledge not ...