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As he insisted, a cabinet minister today stoked fears about the budget. Work only promised not to increase employees' social security contributions.
Business Secretary Jonathan Reynolds has clearly hinted that business tax will be increased, saying the manifesto protects workers “in particular”.
Chancellor Rachel Reeves warned of the “pain” of the British people in his package on October 30.
The respected IFS think tank has warned that £24 billion may need to be raised in taxes to fund government policy and avoid austerity.
NICS bringing employer pension contributions to the same level as employee contributions – 13.8 per cent – could raise £17 billion a year.
But Lloyds Bank chief executive Charlie Nunn warned this morning that anything hitting pension funds would be “worrying”.
I keep talking Messages from Heaven On the NIC manifesto, Mr Reynolds said: “These were taxes on working people, which is why there was a clear reference to workers in the manifesto.”
Meanwhile, Ms Reeves used the Sunday Times article to give another hint that she plans to loosen fiscal rules to borrow billions of pounds more – despite alarm over the UK's high debt levels.
Business Secretary Jonathan Reynolds has clearly hinted that the levy will be increased for companies, stating that the manifesto “specifically” protects workers
Chancellor Rachel Reeves warned of “pain” for Britons in her October 30 package
Lloyds Bank chief executive Charlie Nunn warned this morning that anything hitting pension funds would be 'worrying'
The Labor manifesto pledged not to increase social security
Tax-free withdrawals from pension funds, inheritance tax and capital gains are also expected to be targeted by the chancellor.
But there have been signs of growing concern within the government about how to get money from Britons who are already struggling financially.
As the Treasury enters a “tunnel” of disputes with the OBR watchdog ahead of the fiscal package, few firm decisions have been made, with jokes about “confusion”.
There are rumors that manifestos such as imposing VAT on private school fees and cracking down on non-citizens will not deliver as much as expected.
Once changes to headline rates of income tax, VAT and National Insurance are ruled out, the Chancellor can rely on a series of smaller raids, the effects of which may be very difficult to predict.
On Sunday, Mr Nunn was asked on the BBC, along with Laura Kuenssberg, whether he would be “worried” about tighter pension investment rules or measures that could reduce the amount of contributions paid.
“I think pensions and pension contributions are crucial,” he said.
“We see that around 40 per cent of people in the UK are on a pension that does not even provide them with basic living allowance when they retire. We therefore need to increase enrollment and investment in pensions.
The Chancellor is said to be considering increasing CGT from the typical level of 24%. up to 39 percent
The move could hit hundreds of thousands of people who already pay large amounts of tax to the exchequer, and the Guardian says internal modeling suggests it could bring in additional revenue of around £1 billion.
However, moving to the extreme end of growth may actually result in a decline in income after five years.
Treasury sources rejected accusations of chaos, declining to comment on the details of tax plans ahead of the fiscal package.
The respected IFS think tank has warned that Ms Reeves needs to raise huge sums in the budget
