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UK chancellor drops income tax rise plans after better-than-expected fiscal forecast.
Chancellor Rachel Reeves is abandoning plans to raise income taxes in the upcoming UK budget, following a revised fiscal forecast from the OBR.
The agency now projects a £20 billion fiscal deficit, down from £35 billion, due to stronger-than-expected tax revenues and wage growth.
This improvement eliminates the need for income tax hikes, helping stabilize financial markets and boost the pound and gilts.
The full budget details are expected soon.
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El canciller del Reino Unido abandona los planes de aumento del impuesto sobre la renta después de una mejor previsión fiscal de lo esperado.