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In a move that has been dubbed the 50-year tax taboo, it has been over five decades since a chancellor of the exchequer last increased the basic rate of income tax. The last time this happened was in 1975, when Labour’s Denis Healey presented his Budget. Since then, none of his successors have dared to follow suit. The question now looms – could Rachel Reeves break this long-standing tradition in the upcoming weeks?
As reporters gathered at Downing Street before dawn for the chancellor’s breakfast time address, there was a sense of anticipation in the air. Typically, three weeks prior to a Budget, various voices dominate the conversation, except for the chancellor’s. This time, however, the atmosphere was different. It seemed as though there was a collective effort to prepare the public for potentially unpopular decisions that may be on the horizon.
Reeves’ decision to take over the news conference at Downing Street’s specially built room indicates the gravity of the situation. While the actual details of tax increases will be revealed at the end of the month, the purpose of the address was to lay out the groundwork for the upcoming changes. The choice to present the argument separately was a strategic move to ensure that the message was heard loud and clear.
As the focus shifts to the Labour Party’s manifesto from the previous year, which explicitly stated a commitment to not increase taxes on working individuals, all eyes are on Reeves’ next steps. Scrutiny over promises made by the government intensifies as the possibility of breaking these pledges becomes more apparent. While there is speculation that other options may have run dry, the consensus seems to be that some form of tax increase is inevitable in the near future
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