Rachel Reeves is in a tight spot ahead of her Spring Statement on 26 March, trying to fix the financial mess left by her disastrous autumn Budget. And let’s be honest—taxpayers, especially pensioners, aren’t going to like what’s coming.
Despite raking in a staggering £70 billion through taxes and borrowing, the numbers still don’t add up. Reeves is out of “fiscal headroom” and is now staring down two unappealing options—raising taxes again or slashing spending. Realistically, she’ll probably end up doing both, in what could be a fresh wave of austerity. One major move that’s on the table? Extending the income tax threshold freeze—something she promised not to do just a few months ago, reported the Express.
