Tax changes expected as pressure grows on public finances

Saturday, March 1, 2025

A Government surplus would normally be seen as good news. But despite reaching £15.4bn in January – a record high for the month – it’s actually caused further headaches
for the Chancellor, adding pressure to break her pledges on tax. The Government had been expecting a much higher surplus of £20.5bn, as officially forecast.

It means Rachel Reeves is under increasing pressure to either make public spending cuts to various Government departments or raise taxes further.

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