UK PM Sunak considers raising top income tax

Prime Minister Sunak is considering raising the top income tax rate next week as the UK Treasury warns that more money is needed to protect pensions and benefits, The Telegraph reported.

It is understood options being discussed include raising the top tax rate by 45% or lowering the £150,000 annual income threshold. The move would be a dramatic reversal of a stance from September last year, when former Prime Minister Truss scrapped a 45 percent tax plan, which was later reinstated due to market turmoil. Raising income tax or the National Insurance rate would go against a clear promise made by the Conservative Party in the 2019 election manifesto, which Sunak has held to since taking over No. 10.