UK's new prime minister Burnham has dropped consideration of raising the income
tax personal allowance, people familiar with the matter said, aiming to signal
fiscal discipline to a skeptical bond market. He had earlier floated increasing
the current £12,570 (~$17,000) threshold, which would have cut taxes for
millions, but the government is not including an increase in initial measures to
tackle living costs. The personal allowance has been frozen for five years;
Inflation-driven wage growth has widened the tax base via fiscal drag.
