The Treasury has deployed rapid response spin that wage growth has caused a fiscal drag uplift in tax receipts, therefore eliminating the need for an Income Tax rise. Spiking 10-year gilt yields dropped before beginning another upward climb…
The City has taken a dim view of the U-turn, which blows apart Labour’s credibility when it comes to raising revenue. Piecemeal tax rises will also be far worse for economic performance…
Reeves is now expected to lower income tax thresholds for the 40p and 45p rates. Breaking the manifesto promise another way…
Fund managers are not pleased. One tells the FT: “While we expect other tax rises to compensate, they are less dependable revenue raisers on a multiyear basis. Avoiding the politically sensitive income tax lever implies less willingness to tackle the structural deficit later.” A credibility shock…
ING bank said: “The gilt rally was being backed by expectations that income tax increases would have delivered the necessary fiscal tightening without stoking up inflation, ultimately allowing the Bank of England to cut rates in December and beyond.” ‘Poof’ goes the rally…
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