Rachel Reeves' Strategic Shift on Income Tax

British finance minister Rachel Reeves has decided against raising income tax in her upcoming budget on November 26 due to an improved fiscal outlook, contradicting earlier expectations and maintaining Labour's pre-election promise.

British finance minister Rachel Reeves will not increase income tax in her annual budget set for November 26, owing to a more favorable fiscal projection, according to a government source.

Initially anticipated to breach Labour's pre-election commitment to address a budgetary deficit, Reeves' plans were reportedly abandoned late Thursday, as per the Financial Times.

(With inputs from agencies.)