Channel 4 News
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Reeves drops plans to raise income tax
Posted
November 14, 2025
Views
34,557
Likes
120
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174
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November 14, 2025
34,557
120
174
0.85%
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0:28Now PlayingReports that the Chancellor Rachel Reeves has scrapped plans to raise income tax have sparked a sell-off in UK government bonds this morning amid fears over unfunded spending pledges.
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Britain’s long-term borrowing costs were sent soaring as reports suggested the U-turn would leave the chancellor scrambling to fill a black hole in the nation’s finances less than two weeks before the Budget.
Yields on 30-year UK government bonds, also known as gilts, jumped 14 basis points in early trading.
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