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As the UK grapples with a persistent cost of living crisis, inflation has dropped to 1.7%, the lowest in over three years. Despite this, many households continue to struggle with rising costs, prompting the Labour government to prepare for a challenging budget aimed at addressing economic instability. Key financial support measures are set for November.
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Chancellor Rachel Reeves is expected to propose unprecedented tax increases in the upcoming Budget, aiming to address a £22 billion fiscal shortfall. Critics warn that these measures could lead to lower growth and job losses, marking a significant shift in Labour's fiscal policy since taking office.
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Starting October 31, the stamp duty surcharge for second-home buyers in England and Northern Ireland will rise from 3% to 5%. This change aims to support first-time buyers but may lead to higher rents and reduced rental property availability, according to analysts and industry experts.
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As Chancellor Rachel Reeves prepares to deliver her first budget, speculation and leaks have caused significant financial anxiety among voters. Reports suggest potential tax increases, prompting many to take preemptive financial actions. The historical context of budget secrecy raises questions about current practices and their implications for economic stability.
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Chancellor Rachel Reeves' recent budget, which includes significant tax hikes and increased borrowing, has led to market instability, with rising government bond yields and a falling pound. Despite reassurances from Treasury officials, comparisons to Liz Truss's previous economic turmoil have emerged.
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Chancellor Rachel Reeves' first budget has unsettled financial markets, leading to a sell-off in bonds and the pound. The budget's significant tax increases and borrowing plans have raised concerns about inflation and economic stability, echoing past market reactions to fiscal missteps.