Reeves urged to reject 'path of least resistance' at budget

Lisa Brankin, the managing director of Ford UK, has cautioned Rachel Reeves against imposing higher taxes on electric vehicles (EVs) in the upcoming budget. She argues that new levies could deter drivers from transitioning from petrol and diesel cars to EVs, especially with discussions of a potential pay-per-mile charge starting in 2028.

Consumer confidence in the UK has significantly declined as speculation grows regarding the upcoming budget announcement from the Chancellor. This uncertainty is compounded by concerns over potential tax increases and the overall economic outlook, leading to a negative sentiment in the markets.

Two wealthy businessmen have publicly stated their desire to pay more taxes, urging the Chancellor to consider this in the upcoming Budget. Their comments reflect a growing sentiment among some affluent individuals who believe that increased contributions could help address economic disparities.

The inflation rate in the UK has decreased to 3.6%, according to official statistics, providing a more favorable outlook for the economy and the Chancellor ahead of the upcoming budget. However, food prices are reportedly rising, raising concerns among consumers and businesses alike.