An overnight briefing to the FT confirms that Starmer and Reeves have reversed previous proposals to raise the basic and additional headline rates of Income Tax at the Winter Budget for fear of an uncontrollable backlash from the public and Labour backbenchers. 12 days until the Winter Budget, 10 days after Reeves gave a speech whose purpose was to provide cover for breaking the manifesto…
The paper says one option being explored is to lower thresholds, which Guido predicted last month. 10-year gilt yields have reversed a downward trend for this week and are climbing this morning in reaction to the news. The same is the case with 30-year yields…
Sterling is down 0.3% against the euro and dollar too. The move is a blow to Budget Man Bell and his Resolution Foundation stooges, who have been pushing a 2p hike combined with a 2p cut to Natonal Insurance. Reeves will now have to find a selection of more complex tax rises which will do more to hurt economic activity. Can this government not get anything past its MPs?
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