With a smaller black hole to fill - can the chancellor see off any uncertainty?

For weeks Rachel Reeves set out the idea of an increase in income tax.

But now, "treasury sources are saying a rise in the headline rate of income tax will not be in the budget - thresholds will be looked at instead along with hikes to smaller taxes."

A big driver of this decision is politics - "the fear of being the first government to put up income tax in 50 years and the fear of blowing up a central part of last year's manifesto".

Sky's Rob Powell has the latest.

#skynews #uknews #politics #labourparty #government

Read more: https://news.sky.com/story/budget-2025-income-tax-u-turn-what-the-hell-just-happened-13470226

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Post from Sky News on November 14, 2025

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