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Reeves faces 'credibility crisis' as markets batter UK after Labour MPs force U-turn on income tax hike... with fears 'stealth raids' will now fill £40bn Budget black hole

Reeves faces 'credibility crisis' as markets batter UK after Labour MPs force U-turn on income tax hike... with fears 'stealth raids' will now fill £40bn Budget black hole

Markets have been heaping risk premium on UK borrowing after the Chancellor's extraordinary backtrack - which came despite weeks of heavy hints and tough talk.

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