The boss of the Confederation of British Industry has suggested the chancellor should tear up Labour’s manifesto pledge not to raise taxes on working people, in a significant intervention before the budget.
Rachel Reeves is widely expected to present a package of tax rises in her 26 November statement to offset deteriorating economic forecasts. However, the chancellor has been hamstrung by Labour’s promise not to increase the three main revenue-raisers for the Treasury: income tax, national insurance and VAT.
