UK Faces Wealth Exodus Amid Reeves' Tax and Budget Challenges
Rachel Reeves' budget plans spark fears of millionaire departures and departmental spending cuts, intensifying political tensions.
- Rachel Reeves' proposed budget includes tax increases and spending cuts, aiming to address a £40bn financial gap left by previous administrations.
- Concerns are rising about a potential exodus of millionaires from the UK, which could impact tax revenues and economic stability.
- Cabinet ministers, including Deputy PM Angela Rayner, have expressed alarm over the scale of the proposed cuts, fearing damage to public services.
- Despite internal opposition, Prime Minister Keir Starmer supports Reeves' tough fiscal decisions, emphasizing the need for financial reform.
- Reeves plans to increase capital gains tax and employer national insurance, sparking debates over potential breaches of Labour's election promises.
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