"On Monday last week Rachel Reeves, the chancellor, gave a speech that implied it was all but certain she would break a manifesto promise and raise the main rate of income tax in the budget. Government officials made no attempt to challenge this idea, and some briefings said the decision was nailed on. Only it wasn't. There has been a U-turn."
"The news was broken by the Financial Times last night, in a story saying Reeves and Keir Starmer have have ditched their manifesto-busting plan to increase income tax rates, in a dramatic U-turn ahead of the budget. The Guardian was soon able to confirm the story and here is our report by Jessica Elgot, Pippa Crerar and Peter Walker. Rachel Reeves to abandon plans to raise income tax rates in budget"
Daisy Cooper, Liberal Democrat Treasury spokesperson and deputy leader, urged a windfall tax on big banks' profits to return £270 to households. She said a last-minute U-turn on plans to raise the main rate of income tax might spare struggling families from further Budget pain. Rachel Reeves gave a speech implying she would break a manifesto promise by increasing the main rate of income tax, and government officials did not challenge that implication. Briefings presented the decision as final, but a subsequent U-turn was announced and confirmed by multiple outlets. Downing Street and the Treasury had warned MPs about bond markets and borrowing costs amid internal tensions days before the budget on 26 November.
Read at www.theguardian.com
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