His retraction comes after Labour promised in its manifesto not to raise VAT, income tax or national insurance contributions for "working people". The government has been asked repeatedly to define this term, in a bid to establish which taxes may rise in the Budget. "They [stock owners] wouldn't come within my definition," he initially told Sky News during an interview at a Commonwealth summit in Samoa.
Among the levies that are reportedly under consideration for a hike are capital gains tax, inheritance tax and fuel duty.
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