The tax trade-offs Reeves faces and who will lose out

There are a number of tax “trade-offs” the Government could make in the Budget to bring in more income, a leading thinktank has said.

The Institute for Fiscal Studies (IFS) said the UK is in a “fiscal bind” and it is likely Rachel Reeves will have to raise taxes on 26 November, at the same time trying to keep its manifesto promise not to increase taxes on working people.

In a new report, it listed possible changes the Chancellor could make and those it thinks are best avoided. For example, it warned against introducing a wealth tax but said property tax is “an area in desperate need of reform.”

Below, we take a look at the possible trade-offs the Chancellor could make and how likely they could be.

No wealth tax to be introduced

A wealth tax has previously been suggested by some exp