Income Tax Hike Unlikely as UK Markets React

On November 14th, British financial markets expressed concern as rumors circulated that the government might scrap plans to raise income tax. This uncertainty has investors on edge ahead of the budget announcement. The Chancellor of the Exchequer, Rachel Reeves, had been contemplating a basic rate income tax increase, a move not seen in half a century. However, recent reports suggest she has decided against it, causing a drop in the pound and an increase in government bond interest rates. The government is facing a challenging situation, with low approval ratings for Prime Minister Keir Starmer and the possibility of higher-than-expected tax revenue due to stronger wage growth.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.