Core Points - The UK Chancellor Rachel Reeves announced a fall budget plan to raise taxes by £26 billion ($34 billion), increasing the tax-to-GDP ratio to 38.3% [1] Tax Measures Summary - Freezing personal income tax and employer National Insurance thresholds for three years starting from the fiscal year 2028-29, expected to raise £8 billion [1] - Imposing National Insurance on pension contributions made through salary sacrifice, projected to generate £4.7 billion [1] - Increasing tax rates on dividends, property, and savings income by 2 percentage points, anticipated to yield £2.1 billion [1] - Reducing the main tax rate for depreciation deductions in corporate tax, expected to raise £1.5 billion [1] - Introducing a mileage-based fee for pure electric and plug-in hybrid vehicles starting April 2028, projected to generate £1.4 billion [1] - Reforming the gambling tax system, expected to raise £1.1 billion [1]

Core Viewpoint - The UK may address its fiscal deficit by increasing tax rates and cutting government spending, as indicated by analysts from TD Securities [1] Group 1: Fiscal Situation - The UK's public finances remain fragile due to the impact of global tariffs [1] - The Labour Party's decision to cancel spending cuts on welfare legislation adds pressure to the already strained fiscal situation [1] Group 2: Budget Considerations - An additional fiscal space of £10 billion to £20 billion may be required for the upcoming autumn budget [1] - The exact figures for the fiscal space will depend on monthly tax revenues and expenditures leading up to the autumn budget [1]