Overview

• Chancellor Rachel Reeves said the "world has changed," signaling potential shifts from earlier assurances against further tax rises.
• Both the prime minister and the chancellor have refused to rule out VAT changes, with Chief Secretary Darren Jones saying the manifesto "stands today" because decisions are not yet taken.
• Whitehall sources reported that officials are examining applying VAT to currently exempt services such as private healthcare and financial services, while the Treasury declined to comment.
• Reporting suggests VAT on private healthcare could raise roughly £2 billion and affect up to eight million people with medical cover.
• The November 26 Budget will follow updated OBR forecasts expected to show a substantial funding gap, increasing pressure to broaden the tax base.