Is Britain heading for another 1976 moment? With a £30 billion fiscal hole and few promises left unbroken, Rachel Reeves looks set to raise income tax — a move that could mark a grim turning point for Britain’s economy. In this essay, Reem Ibrahim, Head of Media at the Institute of Economic Affairs, warns that higher taxes on work will punish aspiration, stifle growth, and echo the policy mistakes that once sent Britain to the IMF, cap in hand. Her message is clear: without spending restraint, Reeves risks repeating history’s harshest lesson.

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