Reeves seeks Saudi deal amid alarm over taxes

RACHEL Reeves hinted more tax hikes are coming in the autumn Budget as she headed to Saudi Arabia yesterday in a bid to drum up investment.

- By Katie Harris

The Chancellor did not rule out the possibility of further tax rises as she spoke at Fortune Magazine's global forum in Riyadh.

She said: "The underpinning for economic growth is stability, and I'm not going to break the fiscal rules that we've set.

"We are going to reduce that primary deficit, we are going to see debt starting to fall as a share of GDP, because we need more sustainable public finances, especially in the uncertain world in which we live today.

"So growth will be a big part of that Budget story, in a way that, frankly, I think growth has been neglected as a tool of fiscal policy.