UK borrowing costs spike on report government to scrap plans to raise income tax

Chancellor abandons planned income tax hike because of improved forecasts

The PA news agency understands the strength of tax receipts has improved the numbers from the OBR, allowing for the U-turn. The Chancellor has abandoned plans to hike income tax at the Budget because of improved economic forecasting. Rachel Reeves had been expected to hike income tax in the face of a yawning gap in her spending plans, hinting as recently as Monday that the alternative would be “deep cuts” to public investment. But reporting over…

Rachel Reeves Budget income tax U-turn sees £26billion wiped off shares - The Mirror

Reports that Chancellor Rachel Reeves has dropped plans for what would have been a manifesto breaking income tax rise in the Budget has unnerved financial markets - with a possible impact on mortgage costs

Rachel Reeves 'rips up' Budget income tax plan as UK households issued warning

Rachel Reeves has been forced to change course on her plan to break Labour's manifesto pledge not to increase income tax in the Budget, according to bombshell reports

The taxes Rachel Reeves could raise after income tax hike abandoned

There are many options on the table as the chancellor looks to raise considerable sums

Borrowing costs surge as Labour rules out income tax hike

Long-term Government borrowing costs surged on Friday following reports Rachel Reeves has abandoned plans to hike income taxes at her upcoming Budget.

Rachel Reeves sparks panic as Budget chaos causes sudden drop in value of the pound while UK borrowing costs surge

Rachel Reeves's drastic overhaul of her Budget plans has sparked renewed market volatility this morning, with Government borrowing costs surging and the pound dropping in value against major currencies