UK’s Reeves ditches plan to raise income tax rates, FT reports

British finance minister Rachel Reeves has scrapped plans to raise income tax rates in this month’s budget, the Financial Times said, seeking to avoid a political backlash but alarming investors who pushed up government borrowing costs.

Reeves is expected to need to raise tens of billions of pounds to stay on track for her fiscal targets, and her recent comment that “we will all have to contribute” was seen as