Chancellor Rachel Reeves said she’s reached agreement with all of her UK cabinet colleagues on their spending allocations for next week’s budget, following tensions with some senior ministers over cuts planned for their departments.

The levies are a major source of revenue for the government and in the 2023/24 financial year alone were expected to raise almost £25bn - equivalent to more than 2% of all UK tax received by the Treasury. The standard 20% VAT rate is also levied on most fuel purchases, although domestic heating fuel is charged at 5%.

Chancellor Rachel Reeves says she has now reached spending settlements with all government departments ahead of her much-anticipated Budget on 30 October. It comes after reports of Treasury rows with multiple departments over the expected scale of spending cuts.

The chancellor may be forced to increase taxes to reduce the shortfall in government spending and pay for public services

Concerns are mounting over Rachel Reeves' financial competence as Chancellor's maiden Budget approaches amid previous issues with expenses. Nine years ago, Reeves had her parliamentary credit card suspended after owing more than £4,

Which taxes will Chancellor Rachel Reeves raise in the Budget? - Increases in National Insurance for employers, inheritance tax, capital gains tax and stamp duty are expected in the Budget on October

A relentless focus on long-term ends.” According to its own mission statement, the Government believes long-term thinking has been lacking in UK politics. The upcoming Budget presents a perfect opportunity for the Chancellor to back up those words by committing to a long-term pensions tax lock,