The Financial Times is reporting that UK Prime Minister Starmer and Chancellor Reeves have dropped the plan to raise income tax rates.
FT is citing officials who have been briefed.
This has substantial fiscal implications. In a nutshell, unless there are spending cuts and/or other sources found for government revenue UK government debt is likely to increase.
The budget is due on November 26.
This article was written by Eamonn Sheridan at investinglive.com.