Published by Global Banking & Finance Review®
Posted on November 14, 2025
1 min readLast updated: January 21, 2026
Add as preferred source on GoogleUK Finance Minister Rachel Reeves will not raise income tax in the upcoming budget, sticking to Labour's promise due to a better fiscal outlook.
LONDON (Reuters) -British finance minister Rachel Reeves does not plan to raise income tax at her upcoming annual budget on November 26 due to an improved fiscal outlook, a government source said on Friday.
Reeves had been widely expected to break Labour's pre-election promise not to raise the rate of income tax to fill a budget shortfall, but late on Thursday the Financial Times reported she had scrapped these plans.
(Reporting by Andrew MacAskill, writing by David Milliken)
The main topic is Rachel Reeves' decision not to raise UK income tax in the upcoming budget.
The decision is due to an improved fiscal outlook and to maintain Labour's pre-election promises.
The budget announcement is scheduled for November 26.
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