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Anyone earning over £46,000 faces a big and unwelcome problem in the Labour Party Budget. Chancellor Rachel Reeves will deliver her Autumn Budget, to much speculation, on November 26, after weeks of mounting rumour and reports.

NIESR director David Aikman has told Ms Reeves she must act decisively - or risk a market backlash. “The risk is that markets react badly to whatever comes out in the Budget later this month – and rather than the credibility dividend that we could see happening, we see the opposite, something more like the Liz Truss moment,” he said.

NIESR deputy director Stephen Millard, meanwhile, suggested Ms Reeves could make changes for anyone earning over £46k.

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