Overview

• Reeves has ruled out implementing a standalone wealth tax despite calls from Labour backbenchers and unions.
• Her autumn budget must bridge a gap of up to £30 billion created by U-turns on welfare cuts and winter fuel payments under the party’s pledge not to raise taxes on working people.
• Major retailers including Tesco and Sainsbury’s, alongside the British Retail Consortium and British Chambers of Commerce, warn that a £1.7 billion business rates hike on large stores will push up prices, drive inflation and risk high-street job losses.
• Other options under review include extending personal tax threshold freezes, increasing capital gains rates, cutting pension tax relief and adjusting fuel duty.
• The Office for Budget Responsibility predicts debt interest costs of £111 billion this year as GDP contracts and unemployment rises, heightening pressure on public finances.