Reeves to hammer London and South East with 2.8m facing Budget blow from 2p income tax rise

• Chancellor Rachel Reeves is reported to be mulling a 2p rise in income tax in the Budget on November 26

• Ms Reeves is also believed to be considering a parallel 2p cut in National Insurance contributions for employees – capped at earnings up to £50,270 – along with a freeze in income tax thresholds

• That would drag hundreds of thousands more people in London and the South East into paying the higher 40% tax rate rate