New poll delivers blow for Rachel Reeves as Chancellor targets wealth
Rachel Reeves will deliver the Autumn budget on October 30
YouGov/ PA
Chancellor Rachel Reeves will announce Labour’s first Budget in 15 years on October 30, a moment which has mounted speculation about what measures could be included.
Reeves faces the task of filling what she called the “£22 billion black hole” in public finances inherited by the previous government.
Prime Minister Keir Starmer also warned the budget would be “painful” but there is “no other choice given the situation that we’re in.”
This has led experts to warn tax rises could be included in the October announcement, alongside possible spending cuts.
Some 36 per cent of all adults polled think the Government is taxing too much and spending too much on services
YouGov
But raising any sort of taxes could damage the Labour Government’s public approval rating as Britons already believe taxes are too high.
According to a YouGov tracker, some 36 per cent of respondents believe taxes are too high and too much is spent on services.
According to the latest data from September 30, only 25 per cent believe taxes are too little and not enough is spent on services and 11 per cent think the balance is about right.
A relatively high number of Britons (28 per cent) do not know if taxes are too high or too little.
Opinion on taxes changes by age category with only 18 per cent of 18 to 24-year-olds thinking taxes are too high, whereas 28 per cent believe they are too little.
This changes for older age groups with 33 per cent of 25 to 49-year-olds thinking they are too high and 24 per cent thinking they are too little.
Over 65-year-olds are the most likely to believe taxes are too high (48 per cent), while only 19 per cent think they are too little.
Opinions over taxes are also significantly different across the political spectrum with Labour voters more likely to say taxes are too little than Conservatives.
Conservative voters are far more likely (58 per cent) to think we are being taxed too highly
YouGov
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Amongst Labour voters, 35 per cent say taxes are too little while only 20 per cent say they are too high.
In contrast, a whopping 58 per cent of Conservative voters believe taxes are too high and only 13 per cent say the government does not tax enough.
Some 37 per cent of Lib Dem voters think taxes are too little compared to 23 per cent who say there is too much.
The Labour Government has made a commitment not to raise income tax, national insurance or VAT, therefore the Chancellor will need to look elsewhere to raise revenue to fill the £22 billion black hole.
It has been hinted that Labour could target up to six taxes including capital gains, inheritance, savings, council, tax on pensions and alcohol duty.
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