Reeves Considers Major U-Turns on Budget Tax-Raising Plans

UK Chancellor of the Exchequer Rachel Reeves is considering dropping plans to raise the headline rates of income tax and a slew of other levies at the coming budget, prompting questions over how she will make up for a revenue shortfall.

Reeves may decide not to go ahead with increasing either the basic or higher income tax rates after widespread concerns were raised internally about breaking Labour’s election promise not to do so, people familiar with the matter said.

She is also looking again at whether to proceed with an exit tax on wealthy people leaving the UK, and may ...