An economist warned tax raises are inevitable due to the "chronically weak condition" of public finances with a an estimated black hole of up to £51 billion.

 

Financial expert warns tax hikes are on the horizon as UK faces massive deficit.

Chancellor Rachel Reeves is reportedly planning a "pensions tax raid" to address a significant £51 billion shortfall in the UK’s public finances. As the autumn budget looms, experts predict the Chancellor may need to implement tax increases or spending cuts to manage government u-turns, including changes to the welfare bill.

 

Economist Elliott Jordan-Doak from Pantheon Macroeconomics suggests that tax hikes are now inevitable. Describing the state of the public finances as "chronically weak," he foresees possible new levies on pensions as essential for adhering to fiscal rules. He commented, "The big picture remains that the public finances are in a fragile condition. Stealth taxes, duty increases, and a pensions tax raid may be unavoidable if the Chancellor aims to keep headline tax rates unchanged."

 

Positive news from official figures released in July showed government borrowing slowed to £1.1 billion—a £2.3 billion decrease from the previous year, marking the lowest July borrowing figure in three years. Despite this, the National Institute of Economic and Social Research warned of a looming fiscal gap, with an estimated £51 billion deficit.

 

To address this, the government is considering measures such as overhauling capital gains tax on high-value homes and adjusting stamp duty on property sales. These explorations come as increases in income tax, national insurance, and VAT have been ruled out, limiting Reeves’ options for addressing the budget shortfall.

 

Critics argue that imminent tax hikes could significantly impact homeowners and retirees as the government seeks ways to balance the budget without raising prominent taxes. This has sparked warnings about the potential consequences on older Britons if pensions become a target for additional revenue.

 

The financial strategy has raised concerns, with some experts cautioning that focusing on alternative tax avenues like pensions could place undue burden on certain demographics. The challenge lies in addressing economic pressures without deepening financial strain on the public.

 

As the budget discussions progress, the balance between fiscal responsibility and public impact is at the forefront of government strategy. Reeves faces the tough task of navigating economic recovery while ensuring that policies do not disproportionately affect vulnerable groups.

 

In light of these challenges, experts and policymakers alike are watching closely to see how Reeves’ decisions in the upcoming budget will impact the broader economic landscape.

 

 

  Adapted by ASEAN Now from The Express 2025-08-22

 

 

Gordon Brown Mk 2

 

Raid Pensions

 

PFI on steroids, this re-named as PPP
 

Sell the UK's Gold reserves on the quiet, and the cheap.

 

Meanwhile National debt has increased by £187 Billion since Labour came to power.

 

At least Gordon Brown had 1 memorable act as Chancellor, he kept the UK out of the €.

 

What memorable act will Reeves be remembered for, resigning I would suggest.

3 hours ago, CharlieH said:

To address this, the government is considering measures such as overhauling capital gains tax on high-value homes and adjusting stamp duty on property sales.

 

Absolute morons.  Zero thought into how much money they are spaffing away on foreign projects and the benefits bill, public sector pensions etc and looking now to collapse the property market.  Just how many people will sell their primary residences to (perhaps) downsize if faced with a 20% tax bill when it is as clear as day this is a one term government?  Zero, that's how many as they will simply wait it out until these clowns are not in power.   So that means less stamp duty will be received and a lower tax intake exasperating the problems they have already caused.  Good for Reform though as a quick win will be to immediately reverse this nonsense on day one and bask in the glow of the property boom that follows.   

3 hours ago, The Cyclist said:

Gordon Brown Mk 2

 

Raid Pensions

 

PFI on steroids, this re-named as PPP
 

Sell the UK's Gold reserves on the quiet, and the cheap.

 

Meanwhile National debt has increased by £187 Billion since Labour came to power.

 

At least Gordon Brown had 1 memorable act as Chancellor, he kept the UK out of the €.

 

What memorable act will Reeves be remembered for, resigning I would suggest.

Make sure and take care of the immigrants.

1 minute ago, thaipo7 said:

Make sure and take care of the immigrants.

 

Hey

 

Don't diss the illegal Gimmiegrants. Salt of the Earth these people are, salt of the Earth.

 

Only coming to the UK to spread love and happiness 😳😳

 

 

 

 

48 minutes ago, portisaacozzy said:

another winging pom

Well who other than "poms" would you expect to be complaining about potential future tax increases in the UK.   are you retarded?

49 minutes ago, The Cyclist said:

Only coming to the UK to spread love and happiness 😳😳

and diversity of course , in fact so great is their contribution to the UK that Britain should be paying them for their trouble,   oh wait a minute we already are doing

8 hours ago, CharlieH said:

An economist warned tax raises are inevitable due to the "chronically weak condition" of public finances with a an estimated black hole of up to £51 billion.

 

Financial expert warns tax hikes are on the horizon as UK faces massive deficit.

Chancellor Rachel Reeves is reportedly planning a "pensions tax raid" to address a significant £51 billion shortfall in the UK’s public finances. As the autumn budget looms, experts predict the Chancellor may need to implement tax increases or spending cuts to manage government u-turns, including changes to the welfare bill.

 

Economist Elliott Jordan-Doak from Pantheon Macroeconomics suggests that tax hikes are now inevitable. Describing the state of the public finances as "chronically weak," he foresees possible new levies on pensions as essential for adhering to fiscal rules. He commented, "The big picture remains that the public finances are in a fragile condition. Stealth taxes, duty increases, and a pensions tax raid may be unavoidable if the Chancellor aims to keep headline tax rates unchanged."

 

Positive news from official figures released in July showed government borrowing slowed to £1.1 billion—a £2.3 billion decrease from the previous year, marking the lowest July borrowing figure in three years. Despite this, the National Institute of Economic and Social Research warned of a looming fiscal gap, with an estimated £51 billion deficit.

 

To address this, the government is considering measures such as overhauling capital gains tax on high-value homes and adjusting stamp duty on property sales. These explorations come as increases in income tax, national insurance, and VAT have been ruled out, limiting Reeves’ options for addressing the budget shortfall.

 

Critics argue that imminent tax hikes could significantly impact homeowners and retirees as the government seeks ways to balance the budget without raising prominent taxes. This has sparked warnings about the potential consequences on older Britons if pensions become a target for additional revenue.

 

The financial strategy has raised concerns, with some experts cautioning that focusing on alternative tax avenues like pensions could place undue burden on certain demographics. The challenge lies in addressing economic pressures without deepening financial strain on the public.

 

As the budget discussions progress, the balance between fiscal responsibility and public impact is at the forefront of government strategy. Reeves faces the tough task of navigating economic recovery while ensuring that policies do not disproportionately affect vulnerable groups.

 

In light of these challenges, experts and policymakers alike are watching closely to see how Reeves’ decisions in the upcoming budget will impact the broader economic landscape.

 

 

  Adapted by ASEAN Now from The Express 2025-08-22

 

 

The rich need to be taxed more

8 minutes ago, bunnjohn said:

The rich need to be taxed more

The rich have already buggered off, or will very shortly....

10 minutes ago, bunnjohn said:

The rich need to be taxed more

who are the rich?   those with more money than you presumably?

2 hours ago, portisaacozzy said:

another winging pom

Flying without complaint. A British attribute.😋

They can stop sending billions to Ukraine for a start.

 

Hey thumbs down person....you like your tax pounds squandered on a useless proxy war ...while pensioners in the UK freeze to death every winter, house and everything thing else prices are through the roof..NHS is on its last legs..

and talk of 100% inheritance tax? 

David Starkey CBE on YouTube is very interesting on the subject of Ms. Reeves. I think it's safe to say that he is not an admirer.

4 hours ago, johng said:

They can stop sending billions to Ukraine for a start.

 

you on Putin's bankroll? 

8 minutes ago, rickudon said:

you on Putin's bankroll? 

 

No, are you on Zelensky's ?

22 hours ago, johng said:

Hey thumbs down person....you like your tax pounds squandered on a useless proxy war ...while pensioners in the UK freeze to death every winter, house and everything thing else prices are through the roof..NHS is on its last legs..

and talk of 100% inheritance tax? 

Why should there be inheritance? 

Richard III totally out of her depth.

 

Creating more imaginary black holes to justify her disastrous performance on the back of a fake CV.

 

Unfit to govern.

‘Tax raid’ that hasn’t happened sparks ‘outrage’ shocker.

 

 

3 hours ago, Chomper Higgot said:

‘Tax raid’ that hasn’t happened sparks ‘outrage’ shocker.

 

 

 

How would you propose they pay for these illegal immigrants other than taxing the population?

 

5 hours ago, Scott Tracy said:

Why should there be inheritance? 

Poeple work hard all their life want to give their children something on their death...why should it all go back to the government ?

4 minutes ago, johng said:

Poeple work hard all their life want to give their children something on their death...why should it all go back to the government ?

 

100%.

 

It is disgusting that the government think they are entitled to money left from a dying parent to their child.

 

Absolutely disgusting.

 

Inheritance tax should be scrapped. 

Most older Brits voted Brexit so deserve to make contributions as they ruined the British economy.

 

That's just the problem with pensions in the UK, they think they can do and say what they want and face none of the consequences long term. 

 

 

Have they considered, now don't laugh,.....spending less?

 

I know it's silly, but if you quit meddling in the Middle East, arming moderate headchoppers, and regime changing stable governments, maybe some of those gimmigrants could return to their homes.

 

Just sayin'.

Of cause Labour are going to put up the taxes, they have no choice but to, in their pre-election manifesto they said they will do this do that, spend on this and that, but they did not think where is the money coming from , now they are in power and want to do what they said they is not the money in the kity taxes will go up.

 A lot goes back to Maggie T, she lowered taxes, everyone was happy, but government spending was lowered, this has carried on up to now, and it is coming back to bite them, if people what a society to live in taxes will have to go up, no government likes to raise taxes, it is political suicide, taxes go up government does not get re-elected, and it stifles the economy, along with the big immigration problem, Ukraine, and Israel, not an easy ride ,as has been said they are a one term government ,next time the other lot will get in, and it will start all over again.

On 8/23/2025 at 3:45 AM, James105 said:

 

Absolute morons.  Zero thought into how much money they are spaffing away on foreign projects and the benefits bill, public sector pensions etc and looking now to collapse the property market.  Just how many people will sell their primary residences to (perhaps) downsize if faced with a 20% tax bill when it is as clear as day this is a one term government?  Zero, that's how many as they will simply wait it out until these clowns are not in power.   So that means less stamp duty will be received and a lower tax intake exasperating the problems they have already caused.  Good for Reform though as a quick win will be to immediately reverse this nonsense on day one and bask in the glow of the property boom that follows.   

Reform Party ?  What on earth do you reckon Reform will do to reduce the massive deficit ?  The money being paid to hotels to house asylum seekers is a tiny drop in the ocean of government spending.  You realise paying hotels to house asylum seekers isn't actually money leaving the UK ?  Okay, it would look better if the same money was being used to pay hotels to house homeless people already in the UK.

So, what will Reform do, if they get elected in four years time ?  They're going to cut the social security bill ?  By how many billions ? Notice that Labour is already cruel to cut the Winter Heating Allowance for old people.  Will Reform really cut Universal Credit and other payments ? Please think and use your brain, the poorest 20% in Britain are already facing hardship in Britain.

And do you really think that once Reform are in power, you really think Farage will reduce the number of Pakistanis and black people in Britain, in big numbers ?  Off-course not.  Will we really see a big expulsion of East Europeans once Reform are in power ? Off-course not, them Eastern Europeans are white, they're doing jobs in the farming sector, and hotel/catering sector, they're needed in Britain. British people won't be replacing the East Europeans when they leave. We know that, Brexit has not caused a large number of British men to start working as plumbers, builders, farm workers, hotel/catering staff, etc, etc. 

You really think that places like Birmingham and Leeds/Bradford will look mainly white if/when Reform get in power ?  A third of all people in Birmingham and Bradford are coloured, they're not going anywhere, no matter what anybody says.

 

22 minutes ago, NoDisplayName said:

Have they considered, now don't laugh,.....spending less?

 

I know it's silly, but if you quit meddling in the Middle East, arming moderate headchoppers, and regime changing stable governments, maybe some of those gimmigrants could return to their homes.

 

Just sayin'.

Stop meddling in the Middle East ?  Yes, Britain got involved in Iraq and Afghanistan, it cost billions to have British soldiers in them places. But I'm not sure if the bill was paid by British taxpayers. It might be the case, taxpayers in America paid the bill for American and British soldiers in Iraq and Afghanistan.  🙂

But I think what's true, is, tax payers in Britain have paid far more for military aid to Ukraine than money spent on giving food and drilling water wells in Africa.

On 8/23/2025 at 10:24 AM, johng said:

Hey thumbs down person....you like your tax pounds squandered on a useless proxy war ...while pensioners in the UK freeze to death every winter, house and everything thing else prices are through the roof..NHS is on its last legs..

and talk of 100% inheritance tax? 

 

Right. Pull up the drawbridge. Nothing that happens outside of the shores of the UK concerns us. Let's turn ourselves into the European North Korea.

 

 You probably feel that UK tax pounds were also squandered in the 1940s.

12 hours ago, tonbridgebrit said:

Reform Party ?  What on earth do you reckon Reform will do to reduce the massive deficit ?  The money being paid to hotels to house asylum seekers is a tiny drop in the ocean of government spending.  You realise paying hotels to house asylum seekers isn't actually money leaving the UK ?  Okay, it would look better if the same money was being used to pay hotels to house homeless people already in the UK.

So, what will Reform do, if they get elected in four years time ?  They're going to cut the social security bill ?  By how many billions ? Notice that Labour is already cruel to cut the Winter Heating Allowance for old people.  Will Reform really cut Universal Credit and other payments ? Please think and use your brain, the poorest 20% in Britain are already facing hardship in Britain.

And do you really think that once Reform are in power, you really think Farage will reduce the number of Pakistanis and black people in Britain, in big numbers ?  Off-course not.  Will we really see a big expulsion of East Europeans once Reform are in power ? Off-course not, them Eastern Europeans are white, they're doing jobs in the farming sector, and hotel/catering sector, they're needed in Britain. British people won't be replacing the East Europeans when they leave. We know that, Brexit has not caused a large number of British men to start working as plumbers, builders, farm workers, hotel/catering staff, etc, etc. 

You really think that places like Birmingham and Leeds/Bradford will look mainly white if/when Reform get in power ?  A third of all people in Birmingham and Bradford are coloured, they're not going anywhere, no matter what anybody says.

 

 

End net zero, cut foreign aid, end illegal immigration, reduce the size of the state for starters, although it will be too late to claw back any of the £35bn spent on giving away the Chagos islands.  Cutting any and all benefits paid to foreigners would also have an impact, which would be in my plans but not sure if it is in Reforms.  

 

Chagos islands, foreign aid, illegal immigrant spending all adds up to the £50bn black hole that Reeves has created.  

 

Why are you talking about the color of people living in Birmingham?   Is that what you imagined I said or do you have some kind of compulsive straw man disorder?  

19 hours ago, Scott Tracy said:

Why should there be inheritance? 

Is that a serious question?