Rachel Reeves plans £2bn tax revision amid UK economic concerns

Chancellor Rachel Reeves is preparing for the Autumn Budget amid concerns over Britain's fiscal health, with public borrowing reaching record highs and a significant fiscal gap looming. The Treasury is considering new tax measures targeting middle-class professionals, including the extension of National Insurance contributions to limited liability partnerships, which could raise around £2 billion annually but faces criticism for potentially harming key sectors. Industry bodies like TheCityUK caution against short-term, sector-specific tax levies, urging instead for a long-term roadmap to reduce regulatory burdens and maintain the competitiveness of financial and professional services. Reeves is also announcing plans to cut administrative red tape, aiming to save businesses £6 billion annually, though opposition parties remain skeptical given ongoing regulatory and fiscal pressures. Meanwhile, internal government disputes have emerged over the funding for NHS England's abolition, with Chancellor Reeves resisting calls for full Treasury backing of redundancy costs, raising concerns about potential impacts on healthcare services. Additionally, there are reports of a stealth tax increase on landfill disposal for construction materials that could raise homebuilding costs by up to £50,000 per home, threatening Labour's pledge to build 1.5 million homes and drawing criticism from housing industry groups.