Labour's Manifesto Pledge Under Discussion
Rachel Reeves is considering breaking Labour's manifesto pledge by increasing income tax, amid fears of a massive black hole in the government's books.
A "live debate" is ongoing between the Chancellor and her aides about targeting the "rich" to bring in enough cash. Adding a penny to the basic rate could generate over £8 billion annually for the Treasury.
Keir Starmer vowed at the election that income tax, national insurance, and VAT would be kept the same this Parliament.
However, productivity downgrades, a slowing economy, and rising debt interest costs have left Ms Reeves with limited options ahead of the Budget on November 26. Analysts estimate the gap in public finances could be as large as £30 billion.
Author's summary: Labour considers breaking tax pledge.
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