An extra £11.4bn was borrowed by the government in October, the worst figure
since records began.
With tax receipts falling by £4.1bn in the month compared to a year earlier,
according to OECD figures, pressure has increased on the government to increase
tax to cover the growing deficit.
Economists predict that the chancellor will miss his predicted borrowing
target for the fiscal year of £175bn, suggesting it could reach £220bn, reports
The rate of VAT will increase to 17.5% after a year at 15%, and advisers
predict that could increase further, alongside other increases for the
pre-Budget report on 9 December.
Capital gains tax could also increase from its 18% rate to bring it more in
line with income tax, and the introduction of the previously delayed 1% increase
in corporation tax for small businesses.
Bankers’ bonuses could also be at risk of a new tax.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group