Financial markets grow fretful after reports of UK government abandoning income tax hike
Business
LONDON (AP) — British financial assets were under pressure Friday on growing speculation that the Labour government has ditched plans to raise income taxes in a crucial budget at the end of the month. Treasury chief Rachel Reeves was clearly considering becoming the first Chancellor of the Exchequer in 50 years to increase the basic rate of income tax. But widespread reports say she has decided against it, causing investors to grow nervous over the uncertain budget process. By late afternoon
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