CBI chief executive called on Labour to rip up its manifesto promist

The boss of the Confederation of British Industry (CBI) has suggested the chancellor should tear up Labour’s manifesto pledge not to raise taxes on working people, as businesses brace themselves ahead of the Autumn Budget.

Rachel Reeves is widely expected to introduce a fresh package of tax hikes in her 26 November Budget, in order to offset deteriorating economic forecasts.

However, the Chancellor’s hands are tied by Labour’s promise not to increase income tax, national insurance, and VAT, which are the three main revenue raisers for the Treasury.

In a shocking move, the CBI’s chief executive, Rain Newton-Smith, has said “the time for tinkering is over” in the discussion of how to raise additional revenue.

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