Reeves delivers surprise on personal tax thresholdsPublished on October 30 at 13:49 Greenwich Mean Time

13:49 GMT 30 October

Dear Bail Jordan
business reporter

A real twist on personal tax thresholds from Reeves. Under the Conservatives, these were planned to remain in force until 2028.

It was expected to freeze them for another year, but no. “I came to the conclusion that extending the threshold freeze would hurt working people. It would lead to more money being taken out of payrolls,” he says.

This means that from 2028-29 “personal tax thresholds will once again be raised in line with inflation”.

They have been in effect since 2022.