Speaking from Downing Street on Tuesday, Chancellor Rachel Reeves is expected to promise “fair choices” in her 26 November Budget and address mounting speculation over tax rises. The Resolution Foundation says increases are inevitable, floating an income tax rise offset by a 2p cut to employee national insurance and an extended threshold freeze. Reeves says the plan will target fairness and opportunity to cut NHS waiting lists, reduce debt and ease living costs. With the OBR poised to downgrade productivity, potentially adding up to £20bn to her task, tax rises and spending cuts remain on the table.

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