Chancellor Rachel Reeves says she and Prime Minister Keir Starmer collaborated closely on the Budget and the Government’s tax plans, saying: “We took him through all of the numbers and options and we decided it together as a team.” This came as MPs on the Treasury Committee quizzed the Chancellor on the decision not to raise income tax rates but instead extend a freeze on the point at which the levy comes into effect. The Institute for Fiscal Studies claims the decision to freeze personal tax thresholds between 2028 and 2031 will result in around 700,000 more people owing income tax and a million more paying at higher rates. Ms Reeves denied the move was a breach of Labour’s manifesto as it “referred to rates of income tax and National Insurance and the rate of VAT.”
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