UK Chancellor Rachel Reeves Raises Taxes by £40 Billion

Chancellor of the Exchequer Rachel Reeves has announced a £40 billion tax increase as part of her budget aimed at stabilizing the UK's public finances. Key measures include raising employers' National Insurance contributions by 1.2% to 15% and increasing capital gains tax rates. Reeves emphasized that the burden of tax increases would fall primarily on businesses, asserting that working individuals would not see higher taxes on their payslips. This budget marks a historic moment as it is the first Labour budget since 2010 and the first ever delivered by a woman. In addition to tax hikes, Reeves announced a freeze on fuel duty, an increase in the National Living Wage, and additional funding for schools. The opposition has criticized the budget as a continuation of reckless borrowing and broken promises.