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further tax risesCNBC
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74% Informative
Doubts are mounting over Labour government's flagship growth and investment agenda.
Finance Minister Rachel Reeves last week announced a series of reforms, including financial services deregulation and measures to boost pension investments.
A higher economic growth rate could theoretically boost the government's tax take without the need to raise taxes further.
Labour has a fine balance to strike, however, in keeping taxes high enough to fund the country's depleted public services.
Nevertheless, Coles suggested that tax hikes — at least at the next fiscal statement in March — would be "highly unlikely." "There's always the chance we could be hit by something out of the blue, which upends expectations, but at the moment Labour has committed to one major Budget a year, so anything substantial sooner would be a real surprise — especially after such a major fiscal event in October ," Coles said. " The coming months will give us a clearer picture of whether the government has got the balance right.".
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