DEVELOPING: Rachel Reeves Abruptly Scraps Income Tax Hike Plans

Breaking News: Rachel Reeves Scraps Income Tax Hike Plans Rachel Reeves, the UK Chancellor, has abruptly dropped plans to increase income tax rates, according to reports in the Financial Times. This decision comes ahead of the Budget on November 26. The move is seen as a significant U-turn, as Reeves had refused to rule out the tax hike earlier this month. The decision is expected to anger voters and Labour MPs, who had been opposed to breaking an election manifesto promise. Reeves had emphasized the need for "necessary choices" in a pre-Budget speech, warning that everyone would have to "contribute." However, it appears that the Chancellor has opted against increasing income tax rates. The Treasury has declined to comment on the speculation, stating that the Chancellor will deliver a Budget that takes "fair choices" to build strong foundations for Britain's future. Culture Secretary Lisa Nandy also emphasized that no decisions were made until the Budget is delivered. This sudden change in plans is likely to have significant implications for the UK's economic strategy. The exact details of the Budget are still unclear, but it is expected to be revealed on November 26. This is a developing story, and we will provide updates as more information becomes available.