Tensions have been rising in the UK these past few weeks as speculation has ramped up about what will be unveiled in the Autumn Budget. Reports that Chancellor Rachel Reeves planned to break the Labour Party’s election promise not to raise income taxes caused consternation. Then, last week, government sources told the Financial Times that Reeves had decided against the move after receiving better-than-expected economic forecasts.

Still, other tax changes — higher rates, reduced reliefs — are likely when Reeves unveils her budget on November 26, as Labour tries to plug the estimated £20 billion hole in the UK’s public finances.

For the British fashion industry, the budget comes at a high-stakes moment of acute cost pressure, low business confidence and mounting global competition. Brand

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