Rachel Reeves to Deliver Historic UK Budget

Chancellor Rachel Reeves is set to make history as the first woman to deliver Britain's Budget, promising significant public and private investment in infrastructure like hospitals, schools, and transport. Her budget plans include a £20 billion rise in employer National Insurance, which she justifies as necessary to fund these investments while maintaining her pledge not to increase taxes on 'working people'. Reeves will rewrite fiscal rules to allow more borrowing for investment, aiming to change the measure of public debt to public sector net financial liabilities, potentially freeing up £50 billion for long-term investment. Despite these plans, she faces backlash for potentially breaking election promises, as the tax changes could impact businesses and lead to job losses. Critics highlight the ambiguity in Labour's definition of 'working people', while the government remains tight-lipped about exact measures. These changes are seen as a strategic shift to stimulate growth and avoid a decline in public sector investment observed under previous governments.