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Home > Headlines > UK's Reeves does not plan to raise income tax, government source says

Headlines

UK's Reeves does not plan to raise income tax, government source says

Published by Global Banking and Finance Review

Posted on November 14, 2025

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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)

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