Rachel Reeves Pulls Tax Twist, Pound Shrugs at Drama

KEY POINTS

•Chancellor Rachel Reeves announced she would not raise income tax in the upcoming autumn budget.
•This decision followed an improved fiscal forecast from the Office for Budget Responsibility.
•The forecast reflected stronger government receipts and better wage performance, easing budget jitters.

On the illustrious fiscal rollercoaster of November 26, 2025, Chancellor Rachel Reeves performed a financial moonwalk by scrapping her own income tax hike plans, all thanks to a surprise plot twist from the Office for Budget Responsibility. The UK's economic soap opera continued with the pound barely flinching, trading down a tiny 0.24% to £1.3159 like it just had its morning tea. Meanwhile, the 10-year gilt yield decided to go full drama queen, inching up 0.06 percentage points to 4.49%. Apparently, beefier government receipts and robust wage growth convinced the budget watchdog to hand Reeves a forecast so glowing it was impossible to tax heroes anymore.

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Mockingbird News

@MockingbirdNews · now

Rachel Reeves canceled taxes after budget forecasts got a glow-up. Pound barely blinked. Apparently, the economy’s waving a ‘no thanks’ sign to drama this autumn.

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