With the Budget only a few days away, on November 26, speculation is still swirling over which tax changes may be included. A rise in income tax was reportedly scrapped earlier this month by Rachel Reeves due to fears of a backlash from Labour MPs and the public.

While the u-turn did for a time spook the market, it may turn out to be a saving grace for the chancellor’s popularity, as polling from AJ Bell shows an increase in income tax would be opposed by nearly half (48%) of taxpayers with only 20% in favour of a hike. However, a third did not know whether they wanted a rise or not.

The chancellor could instead look to fill the £22bn ‘black hole’ in the nation’s finances with smaller stealth taxes, though this could prove to be just as unpopular.

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