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[UK Budget Approaching, Tax Hikes Loom Large] ⑴ The Chancellor plans to maintain fiscal targets by increasing taxes by approximately £30 billion annually to prevent a collapse in bond market confidence. ⑵ Despite a commitment not to raise income tax rates, the Prime Minister's recent statements have shown signs of wavering, with a possible 1 percentage point increase in taxes for all workers to generate £8 billion in revenue. ⑶ Extending the income tax threshold freeze to 2030 could generate another £8 billion in revenue; VAT reform may eliminate tax exemptions for food and children's clothing, but this will likely push up inflation. ⑷ A wealth tax is explicitly excluded, but capital gains tax will be increased, emphasizing the principle that "those with broader shoulders should bear a heavier tax burden." ⑸ Property tax reform proposes increasing taxes on luxury homes and reducing stamp duty on transactions to address the constraints of a rigid tax system on economic liquidity. ⑹ The pension system may require employers to contribute a portion of social security contributions, or reduce the 25% tax-free withdrawal limit, raising concerns in the insurance industry. (7) A proposed reduction in the tax-free allowance for cash savings accounts to encourage investment in the stock market, and an increase in the tax burden on partnerships of law firms and accounting firms. (8) A study is underway to tax interest on banks' reserves held at the central bank; the banking sector warns this move will curb credit and drag down economic growth. (9) "Sin taxes" on tobacco, alcohol, sugar, gambling, aviation, and plastics are among the options, but could trigger changes in consumer behavior and inflationary pressures. (10) Ending the fuel tax freeze that has been in place since 2011 could generate £25 billion in annual tax revenue, but faces political risks of driver protests.