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Downing Street was blamed on Friday for forcing Rachel Reeves to reverse Budget plans to raise income tax in what was described as “a panic move” to save Sir Keir Starmer’s premiership.
Labour MPs, ministers and the markets were left stunned by a Financial Times report that the chancellor has now abandoned the measure despite two weeks of clear hints in public speeches that she was poised to break the party’s manifesto pledge.
With m
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