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"But the Financial Times has reported that she has now abandoned introducing those plans at the 26 November Budget over fears they could anger both voters and backbench Labour MPs. Improved economic forecasting has also been cited as the reason behind the move. The tax rise would break Labour's election manifesto pledge not to raise income tax, national insurance, or VAT."
UK borrowing costs rose and the pound fell after Rachel Reeves abandoned plans to raise income tax at the 26 November Budget. Reeves had been expected to hike income tax to fill a gap in spending, and had hinted the alternative would be deep cuts to public investment. The Financial Times reported the move was to avoid angering voters and backbench Labour MPs and because of improved economic forecasting. The proposed tax rise would have broken Labour's manifesto pledge not to raise income tax, national insurance, or VAT. Long-term gilt yields jumped, reflecting falling bond prices, and markets registered an initial shock.
Read at www.independent.co.uk
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