UK Government Drops Income Tax Increase Plan
The UK government has reversed its plan to raise income tax just days before the national budget announcement. Intense political pressure, internal divisions, and a revised OBR deficit forecast pushed Prime Minister Keir Starmer and Chancellor Rachel Reeves to back away from the controversial proposal. But with a £20 billion shortfall still looming, the government is now exploring new revenue options—from property tax reforms to possible levies on electric vehicles and foreign online retailers.
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