Reeves Won’t Rule Out Income Tax Rise | JQJO

Chancellor Rachel Reeves has refused to rule out raising income tax in next month’s Budget, softening September’s insistence that Labour’s manifesto promise not to lift basic, higher or additional rates “stands.” Speaking in Leeds, she said she aims to keep taxes “as low as possible,” but faces a £22bn hole after the OBR downgraded productivity, with borrowing in September hitting £20.2bn. Reports say officials are weighing higher levies on partnerships and even a 1p rise in the basic rate, though economists warn such steps may still fall short of plugging the gap.