Rachel Reeves is reportedly set to freeze thresholds for an additional two years after scrapping her plans to increase income tax in the budget, with the measures due to be announced on 26 November. She may also introduce a new levy on high-value properties.

The Chancellor had been anticipated to raise income tax to address a significant shortfall in her spending plans, suggesting as recently as Monday that the alternative would be "deep cuts" to public investment. However, she has abandoned this plan, which would have violated a Labour manifesto pledge.

It's understood that Ms Reeves made a U-turn following improved forecasts from the Office for Budget Responsibility, but other tax increases haven't been ruled out.

A petition regarding personal tax on the Parliament website is nearin

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