Rachel Reeves Raises Taxes After Day of Budget Chaos
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The UK’s Chancellor of the Exchequer Rachel Reeves announced £26 billion of tax increases by 2030-31 to try to reassure investors that the Labour government can control costs and break the economy out of its cycle of sluggishness.
Added to last year’s £41.2 billion increase, that means more tax increases have been announced in this parliament than in any other since at least 1970, according to the Institute for Fiscal Studies.