US EditionUK's Starmer, Reeves ditch budget plan to increase income tax rates, FT reports
Chancellor Rachel Reeves abandons income tax hike to honor manifesto pledge, seeking alternative smaller taxes to cover a £30 billion fiscal gap, analysts say.
- Sir Keir Starmer and Rachel Reeves have scrapped plans to increase income tax rates in a massive U-turn less than two weeks before the budget.
- The decision comes after fears about backlash from disgruntled MPs and voters.
- Conservative leader Kemi Badenoch said the reported U-turn was "good ", while Liberal Democrat deputy leader Daisy Cooper described it as an "11th hour screeching U-turn".
56 Articles
56 Articles
Simon Clarke: This is a broken backed Chancellor about to deliver a second-choice Budget
Sir Simon Clarke is the Director of Onward, and served as Chief Secretary to the Treasury 2021-22. It’s counter-intuitive, but the days leading up to the Budget are normally oddly quieter than those earlier in the autumn. The reason why is simple: after months of work, the plan should be settled and ministers’ focus should be on preparing for the event itself and all the engagement and comms that will follow to make the case to the country. I ve…
Reeves Ditches Income Tax Rise – and Streeting Celebrates
Rachel Reeves has dramatically ditched Budget plans to hike income tax, leading Wes Streeting to effectively claim victory as he publicly declared that he had not supported the rise. The post Reeves Ditches Income Tax Rise – and Streeting Celebrates appeared first on The Daily Sceptic.
The markets have decided since the first hour of this Friday to punish strongly the public debt of the United Kingdom and the pound sterling, for the umpteenth change of course of the Prime Minister, Labourman Keir Starmer, and his economic team. A government that acts with fear and insecurity receives blows from all sides, and, however much Starmer wants to camouflage as an example of wisdom his continuous corrections, the markets have interpre…
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