Burnham Withdraws Proposal to Raise U.K. Income Tax Threshold

British Prime Minister Burnham is not considering raising the U.K.'s tax-free income threshold and is seeking to signal fiscal discipline to skeptical bond markets. According to Jin10, sources familiar with the matter said the government is not currently considering including an increase in the so-called personal allowance in Burnham's original plan to address the cost of living. Earlier this week, Burnham said he might raise the 12,570-pound threshold at which people begin paying income tax, which would effectively cut taxes for millions of workers. The threshold has been frozen for five years, and rising wages driven by inflation have brought more Britons into income tax.