Rachel Reeves has abandoned plans to raise income tax at the Budget fearing a major backlash, it has been reported.
The Chancellor was expected to hike the personal tax due to anger among Labour MPs – but it sparked money market chaos this morning.
Plans have been abandoned amid fears it could alienate voters especially with Labour’s dismal performance in the polls, as reported by the Financial Times.
The Chancellor said earlier this week that major infrastructure projects would have to be abandoned if she didn’t break the manifesto.
The Treasury decision comes just over a week after Ms Reeves held an unusual early-morning Downing Street press conference telling the public everyone “must do our bit”.
But it is thought tax thresholds will be frozen for a further two years that will raise more than £8 billion – known as “fiscal drag”.
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https://www.thesun.co.uk/money/37316539/rachel-reeves-abandons-plans-to-hike-income-tax/
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Дата на публикация: 14 ноември, 2025
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