Labour's Plan: Sin Taxes and Budget Moves

Britain's new Labour government is set to increase taxes on 'sin' items like alcohol, cigarettes, and gambling in its upcoming budget. This move is expected to bring in billions of pounds. These industries are often targeted because they're unpopular and won't have many defenders. However, experts warn that taxing these sectors too much could lead to illegal black markets. The gambling industry, for instance, might face new taxes that could raise up to £3 billion. Shares of major betting companies dropped when this news leaked. Similarly, taxes on vaping products and traditional tobacco could also increase. The U. K. plans to ban disposable vapes next year due to their rising use. Economists expect these taxes to be popular and boost revenue, but they might not be enough to fix the budget deficit alone. Other taxes might also need to increase. Stocks in these industries have already dropped due to budget speculation, but the impact isn't fully known yet.