Rachel Reeves reveals she’s planning to increase income tax at the Budget

• Chancellor Rachel Reeves is preparing to raise income tax in her upcoming Budget a move that would break Labour’s election promise

• The plan is expected to raise over £6 billion a year, with Reeves saying the wealthiest should “do their bit” to restore stability

• The Bank of England has warned that fears over rising taxes are already hurting growth and business confidence, as consumer spending, investment, and hiring all slow ahead of the Budget