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Recent surveys show a significant increase in food insecurity across the UK, with over 14 million facing hunger in 2024. Children and working families are most affected, highlighting systemic issues like low incomes, benefit caps, and rising rents. Calls for policy change grow louder.
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Recent UK government borrowing in August hit a five-year high at billion, surpassing forecasts and raising concerns about fiscal stability. The government faces increased pressure to raise taxes amid rising debt interest, sluggish growth, and a widening budget deficit, with upcoming budget plans likely to include tax hikes and spending cuts.
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New research from the Resolution Foundation shows it would take the average UK worker 52 years of savings to reach the wealth of the top 10%, up from 38 years in 2006-08. Wealth inequality has grown, driven mainly by passive gains like rising house prices, with regional disparities widening. The report warns of entrenched intergenerational gaps.
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Rachel Reeves faces a £30bn budget gap amid rising borrowing costs and sluggish growth. She is expected to consider significant tax increases, including expanding VAT or other main taxes, to close the shortfall ahead of her November budget. Economic warnings and political pressures complicate her options.
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Reform UK leader Nigel Farage has outlined plans for modest tax cuts, deregulation, and a focus on becoming a pro-business government. The party aims to remove inheritance tax from family farms, raise tax thresholds, and reassess public sector benefits, amid concerns over economic stability and Brexit's impact. The proposals face criticism from Labour and Conservatives.
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UK Chancellor Rachel Reeves is set to announce her second budget amid economic challenges, including rising unemployment and a shrinking jobs market. She signals potential tax hikes, breaking previous manifesto promises, to address a significant fiscal deficit and fund public services, with a focus on fairness and economic stability.