British Chancellor Stands Firm on Tax Pledge

In a decisive statement on Friday, British Chancellor Rachel Reeves reaffirmed her commitment not to raise income tax, value-added tax (VAT), or National Insurance. This move aligns with the Labour Party's manifesto promise before the 2024 general election.

"Even when faced with the necessity to adjust taxes in the last Budget to address the fiscal deficit inherited from the Conservatives, we ensured that working people were not burdened," Reeves explained in an interview with the Huffington Post.

Economic Adjustments Amidst Growth Forecast Cuts

The Labour government has already implemented significant cuts to welfare spending. This decision comes as the Office for Budget Responsibility revised the 2025 growth forecast downward from 2% to 1%, signaling challenging economic times ahead.