News
Newspaper headlines: ‘Autumn tax strike’ possible after ‘£20bn hole in finances’
July 25, 2024
Image caption, Several newspapers are anticipating a major economic speech from Chancellor Rachel Reeves on Monday, where she is expected to reveal there is a deficit of up to £20bn in the government’s finances. The paper says this could pave the way for potential tax rises in the autumn budget, which is planned for October. Image caption, The Daily Telegraph says Ms Reeves is expected to blame pressures on the NHS, prisons and schools for the funding gap when she presents her audit in Parliament on Monday. The paper also reports an “autumn tax attack” is likely with plans to increase taxes by up to £25bn. It says there are fears an “attack on pensions or inheritance tax” could be coming. Image caption, The i newspaper says Treasury officials are suggesting the Government cut tax relief for pensioners. The paper has spoken to a former Treasury official who says the proposal – which could affect seven million people – is a “long-standing request”. Ms Reeves has so far distanced herself from the suggestion, the paper says. Image caption, Elsewhere in politics, the Daily Mail looks at Labour’s key election campaign promise that energy bills will fall by £300 a year by 2030. Energy Secretary Ed Miliband has previously refused to give a date for when people could expect to see bills fall – leading the Tories to accuse Labour of telling a lie, the paper says. Image caption, The Mirror reports the latest news on the stabbing of an Army officer in Gillingham, Kent. The paper says the soldier’s wife, Eileen, has been hailed a hero for confronting the alleged attacker. A 24-year-old man has been charged with attempted murder. Image caption, The stabbed soldier and his wife are also pictured on the cover of the Times, which spoke to friends of the couple. But the paper’s lead story is about Health Secretary Wes Streeting, who has criticised England’s health watchdog. Mr Streeting says the Care Quality Commission – which regulates healthcare – is “not fit for purpose” and he has been “appalled by the failings”. Image caption: Actress Jennifer Aniston is on the front page of the Daily Star, after criticising Donald Trump’s running mate JD Vance for comments he made in 2021 calling Democrats “a bunch of childless cat women with miserable lives”. Aniston – who has previously spoken openly about her struggles to conceive through IVF – has also criticised Mr Vance for previously voting against a move to expand access to fertility treatments. The Star brands Mr Vance an “idiot”. Image caption: The Financial Times reports that British fintech firm Revolut has secured a banking licence after more than three years of “wrangling with regulators”. This means Revolut – which currently provides digital banking services such as app-based current accounts to nine million UK customers – will now be able to offer more services such as mortgages. Image caption The Daily Express has an exclusive interview with presenter Dame Esther Rantzen, who is terminally ill with lung cancer and continues to campaign for assisted dying to be legalised in the UK. Dame Esther joined Dignitas in Switzerland, but she tells the paper her heart is lightened by the prospect of dying in her home surrounded by loved ones. Image caption And the Olympics are on the front page of the Metro, ahead of the games officially opening at a ceremony on Friday. Gold medallists Helen Glover and Tom Daley will represent Team GB, the paper says – adding that a million British fans are heading to Paris, spending a combined £4bn on their trips.
The paper says Rachel Reeves is laying the groundwork for a tax raid in the fall.
The text quotes a Labour source accusing former chancellor Jeremy Hunt of “presiding over a black hole and still campaigning for tax cuts”.
He says higher taxes on capital gains and inheritances are among the options open to Ms Reeves.
The newspaper i says the chancellor has been urged not to target pension tax cuts to help tackle the deficit.
He says some Treasury officials want to reduce the amount of relief that higher-rate taxpayers would be eligible for.
The document points to projections that show that the change would affect seven million savers by the end of Parliament.
A Treasury spokesman reportedly said they had begun “fixing the foundations” to grow the economy and keep taxes “as low as possible”.
Image caption: Rachel Reeves will deliver a major economic speech on Monday
The Daily Mail says The Labour Party has been accused of lying about a pledge to cut annual energy bills by up to £300 by the next election.
The newspaper says Energy Secretary Ed Miliband refused to give the assurance when pressed by reporters.
The text quotes Energy Secretary Claire Coutinho as saying that the government’s plans for renewable energy “will generate huge costs for struggling families”.
Shadow Home Secretary James Cleverly has given his first interview since launching his bid for the Conservative Party leadership.
He told the Times He wants to ensure that the Conservatives “return to being a party with popular appeal”.
The paper says he is positioning himself in the centre. He is quoted as saying that “being small and ideologically pure” is not what the Tories are about.
The Daily Express leads on the reaction of assisted dying campaigner Dame Esther Rantzen to the formal introduction in the House of Lords of a bill to legalise the practice in England and Wales.
Dame Esther, who has stage four cancer, says there are many in parliament who oppose the change, for reasons including religious belief or due to concerns about the impact on people with disabilities.
But she says the vote gives her hope for a dignified end on her own terms.
Strictly Come Dancing contestant Zara McDermott is said to have been unaware she had broken a bone in her leg during training and continued dancing “in pain”.
The newspaper says the BBC has endured a “deeply uncomfortable two months because of the programme”.
The corporation’s chief executive Tim Davie apologised for any breach of duty of care and said new protocols had been implemented to protect competitors.
The newspaper said the warning came after an expletive-filled rant on team radio by world champion Max Verstappen during the Hungarian Grand Prix.
The sport’s authorities apparently said that the drivers are role models and should act accordingly.