If the Chancellor raises income tax rates, it would be a major U-turn of the Labour Party’s 2024 election promises Reeves has maintained that she needs to show the markets that the UK government is fiscally prudent and needs to raise £30 billion to balance the books. PHOTO: BLOOMBERG Published Thu, Nov 20, 2025 · 03:51 PM [LONDON] British Chancellor of the Exchequer Rachel Reeves has an unenviable and almost impossible task of presenting a Budget to pull the country out of stagflation.