Policy known as ‘fiscal drag’ could bring in as much as £7bn a year after 2028, while dragging workers into paying more tax
Rachel Reeves is expected to extend a “stealth” freeze on income tax thresholds beyond the 2028 deadline set by the previous Conservative government to raise billions of pounds in the budget.
The chancellor is contemplating the move, first reported by the Financial Times, as she seeks tax-raising measures to plug a £40bn shortfall in the public finances that Labour claims was left by the Conservatives.
Continue reading… The Guardian Read More Policy known as ‘fiscal drag’ could bring in as much as £7bn a year after 2028, while dragging workers into paying more taxRachel Reeves is expected to extend a “stealth” freeze on income tax thresholds beyond the 2028 deadline set by the previous Conservative government to raise billions of pounds in the budget.The chancellor is contemplating the move, first reported by the Financial Times, as she seeks tax-raising measures to plug a £40bn shortfall in the public finances that Labour claims was left by the Conservatives. Continue reading…
