On Wednesday, Chancellor Rachel Reeves will lay out what could be one of the biggest tax-raising budgets of modern political times.
In May, Rachel Reeves said Labour had 'no plans for increased taxes'. On Wednesday, she will lay out what could be one of the biggest tax-raising budgets of modern political times. Where those hikes fall will be dictated by one big promise sat right at the centre of the party's summer manifesto - the commitment not to put up income tax rates, national insurance or VAT for working people.
Politics latest: MP calls slavery reparations 'absurd' For this former monetary chief, a more honest approach would involve the Chancellor admitting the tax-lock pledge was unaffordable and putting employee national insurance back up to where it was before the last Tory government began cutting it. While that may make more sense from an economic perspective, it would be politically unthinkable to break a manifesto pledge so brazenly and so soon after the election.
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