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Evening Standard
Evening Standard
Business
Jonathan Prynn

UK economic growth set to slump next year if income tax goes up, warns City forecaster

Income Tax United Kingdom City Economic Growth Morningstar Reeves GDP United States

A leading City research firm has slashed its forecast for UK growth next year by two thirds from 1.5% to just 0.5% because of the impact of a likely income tax bombshell hitting pay packets next April.

US owned Morningstar said it had cut its GDP forecast for 2026 so deeply because “an expected income tax hike is set to weigh on economic growth.”

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