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flag UK chancellor drops income tax rise plans after better-than-expected fiscal forecast.

flag Chancellor Rachel Reeves is abandoning plans to raise income taxes in the upcoming UK budget, following a revised fiscal forecast from the OBR. flag The agency now projects a £20 billion fiscal deficit, down from £35 billion, due to stronger-than-expected tax revenues and wage growth. flag This improvement eliminates the need for income tax hikes, helping stabilize financial markets and boost the pound and gilts. flag The full budget details are expected soon.

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