52 h. ago London tax bombshell: 170,000 would be hit by stealth income threshold freeze extension

Rachel Reeves admitted during the Labour Party Conference that she no longer stands by her pledge last year not to raise taxes

Events

4 d. ago Rachel Reeves gives income tax threshold £12,570 update amid budget freeze fears

Massive campaigns have hit out at the freeze since 2021 which as seen millions of lowest paid hit by 'fiscal drag'

Economics

9 d. ago Second think tank urges Chancellor Rachel Reeves to break manifesto vows and raise national insurance, income tax or VAT this autumn

Rachel Reeves has been urged to ditch her manifesto promise and hike income tax, national insurance or VAT this autumn.

Economics

1 week ago Rachel Reeves urged to put 2p on income tax and cut employee NI to meet fiscal rules

The Resolution Foundation said the move would create a level playing field and protect workers’ pay

Politics

1 week ago Income tax hike of 2p to target pensioners and landlords would ‘level playing field’, think tank tells Reeves

Labour chancellor also facing calls to raise levies on lawyers, sugar, salt and longhaul flights in the Budget

Events

last month The Guardian view on fiscal rules and financial myths: Britain must stop fearing imaginary bond vigilantes | Editorial

Liz Truss fell not for borrowing, but for incompetence. Rachel Reeves mustn’t repeat the mistake with rules markets don’t demandIn 1995, Nick Leeson, a 28-year-old trader for Barings Bank, brought down the City’s oldest finance house by, among other things, betting that the Bank of Japan (BoJ) couldn’t keep rates low forever after its financial crash led to a borrowing spree. The devastating Kobe earthquake was the final blow. The BoJ cut rates, bond prices rose and his losses spiralled to $1.4bn. His bet that markets would beat Japan brought down the bank.Barings’ collapse is perhaps a spectacular example of the “widowmaker” trade, where speculators think they can outsmart Japanese authorities. They’ve ended up with egg on their face as their gamble on Japan losing fiscal control proved misguided. Japan, with its own currency and a central bank working with the government, shows how the state shapes markets, not the other way round.Do you have an opinion on the issue...

Politics