Starmer and Reeves drop income tax hike plans ahead of UK budget - report

Investing.com -- British Prime Minister Keir Starmer and Finance Minister Rachel Reeves have decided not to proceed with plans to raise income tax rates, according to a Financial Times report.

The decision represents a significant policy shift just weeks before the government is set to unveil its budget on November 26.

The Financial Times, citing officials briefed on the decision, reported that the government has abandoned the proposed income tax increases that had been under consideration.

This change in fiscal strategy comes as the UK government finalizes its first full budget since taking office.

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