Budget 2024 latest: Labour insists income tax threshold freeze would not break manifesto pledge

Sir Keir Starmer has affirmed that the government will uphold its manifesto promises despite reports of a possible extension of the freeze on income tax thresholds by Chancellor Rachel Reeves, which could generate £7 billion in revenue. The move to continue the freeze aims to address the £40 billion deficit without resorting to austerity measures. Alongside potential tax adjustments, other measures being considered include increasing employers’ national insurance contributions, raising fuel duty, and implementing changes to inheritance tax and stamp duty, as well as introducing a levy on e-cigarettes.

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