The UK’s currency hit its weakest level since April after Rachel Reeves, Chancellor, signalled upcoming budget tax rises and deferred assurances on income tax thresholds. In a stand-alone speech, she acknowledged deteriorating public finances and insisted all citizens must contribute. The warning triggered market jitters: the pound dropped, and gilt yields rose, reflecting concerns over growth-tax dynamics. The pre-budget caution came days ahead of the official Autumn Budget and weighed on risk assets tied to the UK economy.