File photo dated 26/09/25 of Chancellor of the Exchequer Rachel Reeves speaks during the Global Progress Action Summit, at Methodist Central Hall in Westminster, London. The Financial Times first reported that Ms Reeves was ditching the planned income tax rise. It said she could instead cut the thresholds at which people pay different rates of income tax. Meanwhile, Ms Reeves needs to fill a budget hole of as much as £35 billion. A government official said senior members of the administration were concerned that Reeves appeared to be about to raise income tax without providing a compelling narrative to the public for why she was doing so.

Source: The Irish Times November 14, 2025 21:53 UTC