UK Finance Minister Rachel Reeves makes a speech during the Labour Party Conference that is held at the ACC Liverpool Convention Center in Liverpool, UK on September 23, 2024.
LONDON — Nearly four months after taking office, the U.K.'s Labour government is set to unveil its debut budget on Wednesday, with markets braced for a major fiscal shake-up.
"There's a huge amount of interest in this budget," Amanda Tickel, head of tax and trade policy at Deloitte U.K., told CNBC on Tuesday.
Tickel forecast £35 billion ($45.4 billion) worth of tax rises and £5 billion in spending cuts to plug what Finance Minister Rachel Reeves says is a "big gap" in the budget.
We haven't had a Labour government for 14 years, and they're going to want to make their mark on the tax system," she said.
Persons:
Rachel Reeves, Amanda Tickel, haven't, we've, Reeves
Organizations:
Labour Party Conference, ACC Liverpool Convention Center, LONDON, Labour, Deloitte, CNBC
Locations:
Liverpool, London