What are Rachel Reeves’s options after U-turn on income tax rates?

Rachel Reeves has abandoned her plan to raise income tax rates for the first time since 1975 in the upcoming budget. Instead, she is expected to implement a tax rise of £7.5 billion as part of her efforts to address public finances. The chancellor is anticipated to raise between £20 billion and £30 billion overall to repair the financial situation. This U-turn on income tax rates has led to discussions about alternative revenue-raising options, including freezing income tax thresholds and reforming capital gains tax.