UK's Financial Vulnerability Persists
Update: 2025-11-28
Description
Despite Labours £68 billion tax hike, Britains financial situation remains vulnerable. S&P, a major ratings agency, warns that the Chancellors plans to balance the national accounts may not hold until the next general election. The agency highlights average deficits of 5.5% of GDP between 2022-2024, driven by NHS and welfare spending outpacing income. The current strategy relies on freezing income tax thresholds and increasing property, dividend, and salary taxes, set to begin in 2028, raising concerns these measures could be reversed before the 2029 election.
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