Rachel Reeves will announce her plans on November 26.
Rachel Reeves will announce her plans on November 2026 (Image: Getty Images)
If you earn over this amount, you could be hit by Rachel Reeves’ Budget next month. Despite promising not to tax working people, Reeves may not manage to stay true to her words.
Those earning £46,000 or more could be targeted this month, reports Daily Mail. Claims to the newspaper by Whitehall sources suggest that the Treasury has solved the conundrum by defining “working people” as those in the bottom two-thirds of earnings, which equates to a salary of £45,000 or less.
Some groups which could be impacted include teachers with three years of experience, mental health nurses with under two years of experience, construction site managers, manufacturing engineers and captains in the British Army.
On November 26, Reeves will announce her financial plans.
Rachel Reeves will announce her plans on November 2026 (Image: Getty Images)
Tory Shadow Business Secretary Andrew Griffith accused the Chancellor of planning to “further massacre the take-home pay of millions of hard-working middle earners”.
He added: “While boosting the pay of their union paymasters, Labour don’t understand or care about those who get up and work hard to make a better life.”
The Treasury will need to define what a working person is in order to determine not raising taxes for them.
However, this has been a concept the government has struggled to define.
Rachel Reeves has promised not to increase taxes for working people (Image: Getty Images)
With concerns over tax raises, middle-earners are not the only group which could be hit.
Potential tax rises include a raid of as much as £4 billion on pension perks for higher earners and a 20% charge on Brits leaving the UK for lower taxes, which would raise an estimated £2 billion.
It comes after claims that as many as 16,500 millionaires would leave the UK this year in response to tax changes.
A Treasury spokesman said: “We do not comment on speculation around tax changes outside of fiscal events.”
