These tax rises are coming – and they’ll be bigger than you realise ...Middle East

That event will spell out in more detail exactly how everything will be paid for, while the spending review has set out billions of public spending. Higher commitments have been suggested for the NHS, defence, housing, science and many other departments. The wish list is comprehensive.

The likelihood that the Office for Budget Responsibility will actually revise downward its growth forecasts for 2026 and 2027 poses an additional headache for Rachel Reeves.

The question then revolves around which taxes will be increased, and who bears the brunt of the hikes.

After the backlash against the winter fuel payment and Reform’s surge, there is absolutely no appetite for reducing spending.

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“Sting the Rich” has an obvious appeal. To my mind, it actually kills the goose that lays the golden egg. If rich people and entrepreneurs leave the country because of high taxation, tax revenues go down instead of increasing.

There will likely be more increases in tax on capital. Expect a higher corporation tax and a higher rate at which capital gains tax is levied. Capital gains tax was set at 24 per cent last autumn. There was talk at the last budget that this would be raised to 28 per cent. I would expect an increase along those lines later this year.

TThere will be attempts, perhaps, to increase taxes on vaping and other substitutes for smoking. The usual “sin” taxes on tobacco and alcohol are a favourite source of revenue for tax-hungry Chancellors. These will increase, I fully expect.

I think this will be seriously looked at. The proposals one saw floating around were an annual charge of 0.05 per cent on the value of a house over £1.5m.

There are dozens of Treasury officials whose sole job is to look at tax revenue-raising measures. There is no shortage of ways the Government can extract more of people’s money. It is highly likely that some of these new initiatives on tax will be announced in the autumn budget.

Kwasi Kwarteng is a former Conservative MP. He served as chancellor between September and October 2022 under Liz Truss

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