OBR chair warns half of Budget tax revenues 'are quite uncertain'

Deliverability 'poses challenges'

The Office for Budget Responsibility has warned that roughly half of the tax revenues expected from Chancellor Rachel Reeves' Autumn Budget tax hikes are “quite uncertain”.

In a Treasury Select Committee (TSC) hearing today (5 November), the OBR said that while "half of tax rises are certain and reliable", the other half of the tax yield is less of a definite income for the government.  This is because that part of the tax take "is based on raising taxes on a relatively small number of individuals for which the revenues are quite uncertain because it depends on how they respond", OBR chair Richard Hughes told committee members.  Hughes was referring to a swathe of tax measures, such as tax on ‘non-doms', adding VAT to private school fees and changes to c...