British Chancellor Rachel Reeves has reversed her plans to raise income tax rates in the upcoming budget, raising questions about how the revenue shortfall will be compensated. The Chancellor is also reconsidering whether to proceed with an 'exit tax' on the wealthy leaving the UK and may ease back on a proposal to raise more money from professionals using limited liability partnerships. Reeves decided not to proceed with increases to the basic or higher rates of income tax after widespread concerns were raised domestically about breaking the Labour Party's election pledge not to do so. The budget will be delivered on November 26th.
