Why Rachel Reeves won’t raise income tax
An unpopular government cannot afford to be branded dishonest by the public
An unpopular government cannot afford to be branded dishonest by the public

Chancellor says ‘national interest’ more important than ‘political expediency’

Burden to reach 38% of GDP by end of parliament

Use the FT’s interactive calculator to understand how a further freeze to income tax thresholds could affect you

Chancellor under pressure from some Labour MPs to raise levies on business this week

Verdict from think-tanks is that Rachel Reeves has put fiscal repair job ‘on hold’

Labour MPs warn chancellor that a possible £1.5mn threshold for the new levy would be too low