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Chancellor Rachel Reeves is set to announce that income tax rates will remain frozen for an additional two years, reversing previous plans for a potential increase that could have violated Labour’s manifesto pledge to not raise taxes on working people. With a £30 billion budget deficit, other revenue-raising measures are being considered, including a property levy and modifications to benefit caps. The Autumn Budget will be presented on November 26, 2025, as Reeves navigates a challenging fiscal landscape amidst internal party pressures.
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