---
title: "Reeves plans to increase taxes by £35 billion annually in the upcoming Budget."
publisher: "Share Talk"
author: "sharetalk"
published: "2024-10-23T10:07:42+00:00"
modified: "2024-10-23T10:07:42+00:00"
date: 2024-10-23
canonical: "https://www.share-talk.com/reeves-plans-to-increase-taxes-by-35-billion-annually-in-the-upcoming-budget/"
category: "B2B"
categories: ["B2B", "Blogs", "Business & Support Services", "Technology", "Technology, Media & Telecoms"]
tags: ["Bank of England", "Birmingham", "black hole", "Budget", "capital gains tax", "Chancellor", "Downing Street", "Helen Whately", "IMF", "Jeremy Hunt", "labour", "Rachel Reeves", "Tories", "Treasury", "Whitehall"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/10-downing-street.jpg?fit=1200%2C800&ssl=1"
format: "news"
language: "en-GB"
---

# Reeves plans to increase taxes by £35 billion annually in the upcoming Budget.

**Published:** October 23, 2024
**Author:** sharetalk
**Categories:** B2B, Blogs, Business & Support Services, Technology, Technology, Media & Telecoms
**Tags:** Bank of England, Birmingham, black hole, Budget, capital gains tax, Chancellor, Downing Street, Helen Whately, IMF, Jeremy Hunt, labour, Rachel Reeves, Tories, Treasury, Whitehall
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/10-downing-street.jpg?fit=1200%2C800&ssl=1)

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According to a Wall Street bank’s analysis, Rachel Reeves is set to increase taxes by £35 billion within five years to boost investment and public service spending.

Bank of America projects that by the 2029 to 2030 tax year, this tax hike will support a £57 billion increase in public spending. This forecast surpasses predictions by the Institute for Fiscal Studies (IFS), which suggests that Ms. Reeves would need to raise taxes by about £25 billion by 2028/29 to avoid a return to austerity measures.

Capital Economics also anticipates that the Chancellor will implement a £25 billion annual tax increase by 2029/30, alongside a £18 billion annual increase in borrowing to fund a potential £53 billion rise in public investment.

Bank of America further predicts that the Budget will include an annual borrowing increase of around £22 billion to finance these investment initiatives.

According to Bank of America, Ms. Reeves’s budgetary strategy could result in national borrowing being 0.7% higher as a percentage of GDP compared to March projections.

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