How high earners could be hit if Reeves raises income tax and cuts NI

Higher earners face paying hundreds of pounds more in income tax as Rachel Reeves firms up plans for tax rises in the Budget .

The Chancellor has reportedly told the Budget watchdog that an increase in personal taxation will be among “major measures” she is getting ready to announce, The Times reported.

The Office for Budget Responsibility will assess the impact of Reeves’s Budget plans before informing the Treasury of its findings.

It is the clearest signal so far that Labour is planning to break its manifesto pledge not to raise income taxes and become the first Government to increase the basic rate in 50 years.

She is reportedly considering a 2p rise in income tax across all three rates and a 2p cut in the basic rate of national insurance (NI) – paid by employees bel