Rachel Reeves faces the prospect of having to fill a large hole in the public finances. (Image: Getty)
An expert has suggested that Rachel Reeves announcing more tax hikes is inevitable, as Brits are warned to protect their wealth. Office for National Statistics (ONS) data shows that public sector borrowing reached ￡20.7billion last month — ￡3.5billion more than the ￡17.1billion forecast by the Office for Budget Responsibility (OBR) in March 2025, and the second-highest June net borrowing on record, after that of the pandemic era in 2020.
“This borrowing shock is the flashing red light on the dashboard," Nigel Green, CEO of global finance firm deVere Group. "The UK is headed toward a fiscal squeeze, and the Chancellor has limited room to manoeuvre. That makes tax rises not just likely—but, in our view, inevitable.” He added: “Markets are already reacting. Gilts dropped and yields jumped, which is a clear signal that investors expect tougher measures ahead. And that usually means taxes—stealth or otherwise—will be deployed to stabilise the books.”
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Nigel Green has said tax rises are guaranteed. (Image: Getty)
Mr Green also highlighted that debt interest payments nearly doubled year-on-year in June, and noted that pressure is mounting from Keir Starmer's backbench MPs for wealth and tourist taxes.
This ensures that the direction of travel is now unambiguous, he argued.
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“The political noise is getting louder," Mr Green said. "Whether it’s capital gains, pension reliefs, property, or new forms of wealth taxation, something has to give.
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“The Chancellor has ruled out reopening departmental budgets, which narrows the options dramatically.”
Ms Reeves is on a sticky wicket after successive U-turns from the Government, such as the abandonment of much of its welfare reforms.
The Chancellor will present her next Budget in the autumn. (Image: Getty)
She now has to eke out an estimated ￡30billion in her autumn Budget, this without breaking Labour's election manifesto promise not to raise income tax, VAT or national insurance (NI).
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Mr Green advised that investors, business owners and anyone with UK assets should not wait to react after the announcement.
“By the time tax policy changes are announced, it’s often too late to respond effectively," he said.
"The smart move is to plan proactively—now. When fiscal gaps this size appear, governments act fast, and retrospectively.”
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