By bizn_fun 
Avoiding cuts to VAT, NI or income tax “would do more harm than good”, warned the foundation which has close links to Labour – Treasury Minister Torsten Bell was previously its chief executive.
Hiking income tax would be the “best option” for raising cash, it said, but suggested it should be offset by a 2p cut to employee national insurance, which would “raise £6 billion overall while protecting most workers from this tax rise”.
Extending the freeze in personal tax thresholds for two more years beyond April 2028 would also raise £7.5 billion, its Autumn Budget 2025 preview suggested.
The chancellor is expected to say in a speech on Tuesday morning that the Budget will focus on “fairness and opportunity” to bring down NHS waiting lists, the national debt and the cost of living.
“You will all have heard a lot of speculation about the choices I will make,” she is expected to say.
“I understand that – these are important choices that will shape our economy for years to come.
“But it is important that people understand the circumstances we are facing, the principles guiding my choices – and why I believe they will be the right choices for the country.”
The message from Reeves is expected to echo comments made by Prime Minister Sir Keir Starmer to a group of Labour MPs on Monday night.
He told those gathered that the Budget would be “a Labour Budget built on Labour values” and that the government would “make the tough but fair decisions to renew our country and build it for the long term”.