The first Budget of a parliament is a significant opportunity for a new Chancellor to raise taxes and cut spending, but it also carries risks of public outcry and recession. The Chancellor needs to find £20-25bn, with limited options for further spending cuts. Capital taxes and property tax reforms are potential areas for revenue, but they generate limited revenues and come with challenges.
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The first Budget of a parliament is a significant opportunity for a new Chancellor to raise taxes and cut spending, but it also carries risks of public outcry and recession. The Chancellor needs to find £20-25bn, with limited options for further spending cuts. Capital taxes and property tax reforms are potential areas for revenue, but they generate limited revenues and come with challenges.
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