The Chancellor, Rachel Reeves, is under growing pressure to break Labour’s manifesto pledge not to raise the so-called “big three” taxes—income tax, National Insurance (NI), or VAT—amid mounting fiscal challenges and dwindling financial headroom.
Stephen Millard, acting director at the National Institute of Economic and Social Research, warned that raising one of these taxes is “pretty much inevitable” if the government is to meet its spending commitments.
