Reeves urged to raise basic rate of income tax for first time in 50 years

Reeves had less than £2,000 in taxable bank savings last year, return shows

Chancellor made £64 in interest paid on her bank accounts, according to newly-published breakdown of tax affairs

Reeves urged to raise basic rate of income tax for first time in 50 years

Institute for Fiscal Studies boss Paul Johnson warned Donald Trump’s trade war is ‘badly buffeting’ the UK economy

Top Economist Urges UK To Raise Income Tax

One of Britain’s top economic thinkers has called on Chancellor Rachel Reeves to raise the basic rate of income tax — a move the UK has not seen in nearly half a century — in the face of financial pressure brought on by Donald Trump’s global trade war. Paul Johnson, director of the Institute for Fiscal Studies (IFS), issued the warning as Ms Reeves prepares for a challenging autumn Budget. He cautioned that her commitment to strict fiscal rules …