Summary
Rachel Reeves is expected to cancel plans to raise income tax rates in the upcoming Budget. This decision was reportedly made to avoid upsetting voters and members of the Labour Party.
Key Facts
- Rachel Reeves is the chancellor responsible for the Budget.
- It was reported that Reeves planned to increase income tax rates, but these plans may be dropped.
- This decision comes after concerns about breaking a previous election promise.
- Culture Secretary Lisa Nandy stated that no final decisions have been made regarding the Budget.
- The Treasury has not commented on these reports.
- Reeves hinted that tough financial decisions are needed and that everyone has to contribute financially.
- The financial news was originally reported by the Financial Times.
