{"id":656842,"date":"2025-12-27T00:37:21","date_gmt":"2025-12-27T00:37:21","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/656842\/"},"modified":"2025-12-27T00:37:21","modified_gmt":"2025-12-27T00:37:21","slug":"rachel-reeves-breaks-unwanted-record-for-a-uk-chancellor-politics-news","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/656842\/","title":{"rendered":"Rachel Reeves breaks unwanted record for a UK chancellor | Politics | News"},"content":{"rendered":"

Rachel Reeves has broken an unwanted record for a UK Chancellor, and no one is surprised. Brits face paying a massive amount of tax in 2026, which is only set to increase thanks to Ms Reeves’s<\/a> policies. Now, new figures have suggested that she has dropped a record \u00a375billion tax bomb, hitting Brits harder than any of her predecessors at the Treasury since figures began.<\/p>\n

In the 1980s, the UK’s tax burden<\/a> decreased dramatically. Most notably, Nigel Lawson oversaw a shrinking of the state’s tentacles that reached into individual’s pay packets and businesses’ operations. He slashed the top rate of income tax from 60% to 40%, and the basic rate from 27% to 25% in his 1988 Budget.<\/p>\n

Margaret Thatcher’s<\/a> finance chief also reduced corporation tax and inheritance tax rates, and simplified bands. In addition, personal allowances were increased. All of this was designed to spark growth and enterprise.<\/p>\n

He and the Iron Lady later of course fell out over the European Exchange Rate Mechanism (ERM) and the appointment of Alan Walters as the then-Prime Minister’s financial advisor.<\/p>\n

That may seem like a different political universe when one observes today’s political weather.<\/p>\n

Rishi Sunak<\/a> oversaw a large increase in the fiscal burden as Chancellor and Prime Minister.<\/p>\n

In September 2023, the Institute for Fiscal Studies (IFS) reported<\/a> that, by the time of the next election in 2024, on contemporary forecasts, taxes would amount to around 37% of national income, a level not sustained in the post-war period.<\/p>\n

Ms Reeves unveiled her Budget in November, which set massive fiscal time bombs under the feet of hard-working Brits.<\/p>\n

The headline was the freezing of income tax thresholds \u2013 which is expected to raise an additional \u00a355.5billion per year by the 2030-31.<\/p>\n

Altogether, a new database has shown that Ms Reeves has been “scored” as adding a record-breaking \u00a375.1billion a year to the burden, The Mail<\/a> reports.<\/p>\n

The Treasury’s incumbent was responsible for two of the 10 biggest tax-raising Budgets on record, the data suggests.<\/p>\n

In November, Ms Reeves insisted taxes have been kept at \u201can absolute minimum on ordinary working people.\u201d<\/p>\n

Her plans also included a new pay-per-mile tax for electric vehicles, increased taxes on online betting and a so-called \u201cmansion tax\u201d on homes worth more than \u00a32million.<\/p>\n

Moreover, salary sacrifice pensions will be taxed, and the cash ISA limit is to be reduced to \u00a312,000 from April 2027.<\/p>\n","protected":false},"excerpt":{"rendered":"Rachel Reeves has broken an unwanted record for a UK Chancellor, and no one is surprised. Brits face…\n","protected":false},"author":2,"featured_media":656843,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[51,619,1523,16,15],"class_list":{"0":"post-656842","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-rachel-reeves","10":"tag-taxes","11":"tag-uk","12":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115788739487778070","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/656842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=656842"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/656842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/656843"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=656842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=656842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=656842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}