Labour Party's shadow chancellor, Rachel Reeves, is under fire after making a U-turn on her proposed income tax plans, causing chaos in the markets. The sudden shift in policy has led to an increase in UK borrowing costs, with investors expressing concerns over the uncertainty surrounding the country's economic future.

Reeves had initially promised to raise income tax rates in order to generate revenue for public services, but has now backtracked on this decision, leaving many questioning her credibility and leadership abilities. This unexpected move has also led to a sell-off in government bonds, as well as a decline in the pound and dollar exchange rates.

Critics argue that Reeves' lack of clarity and consistency on key economic issues has damaged investor confidence and could have lasting repercussions on the UK economy. As pressure mounts on her to explain the rationale behind the U-turn, many are calling for a more coherent and strategic approach to managing public finances in order to avoid further market turbulence.

In the midst of this turmoil, Reeves is facing growing scrutiny over her handling of revenue-raising options and the implications of her policy decisions on the country's overall financial stability.