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File image of Chancellor Reeves. Picture by Kirsty O'Connor / Treasury.

A tax rise won't be welcomed by workers, but for the pound, it's a relief.

Newspapers report Chancellor Rachel Reeves is considering a 2p rise in income tax to stem the UK's growing budget deficit.

The whopping tax increase will allow the UK's titanic state sector to lurch onwards; its bulky, inefficient, outdated and extremely costly frame will sail into another year without catastrophe.

A day of reckoning is coming, but for a nervous pound, that day has receded into the distance.

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