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Reeves plans income tax rise in UK budget, The Times reports
- Rachel Reeves told the Office for Budget Responsibility that she intends to increase income tax as part of measures for the November 26 Budget, with the OBR due to report to the Treasury on Monday.
- Pressure to close a roughly £30 billion gap has led Rachel Reeves, Chancellor of the Exchequer, to plan tax rises after the OBR's productivity downgrade, with forecasters estimating tens of billions needed.
- Rachel Reeves told the Office for Budget Responsibility she plans a 2p income tax rise and a 2p national insurance cut below £50,270, potentially raising 6 billion, with pensioners and self-employed paying more.
- Party tensions surfaced after Rachel Reeves, Chancellor of the Exchequer, signaled plans to break Labour Party’s manifesto pledge on tax hikes, while Lucy Powell, Labour Deputy Leader, urged manifesto adherence and Prime Minister Sir Keir Starmer declined to confirm the pledge still stood.
- The Office for Budget Responsibility will assess Reeves's tax plans and report to the Treasury on Monday before the November 26 Budget, amid economic concerns voiced by the Bank of England.
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Everything points to a break in the British Chancellor of the Treasury, which could plunge the Labour Party even deeper into the crisis.
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Coverage Details
Total News Sources22
Leaning Left7Leaning Right7Center5Last UpdatedBias Distribution37% Left, 37% Right
Bias Distribution
- 37% of the sources lean Left, 37% of the sources lean Right
37% Right
L 37%
C 26%
R 37%
Factuality
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