Chancellor Rachel Reeves Delivers First Labour Budget

Chancellor Rachel Reeves delivered her first Budget for Labour, which includes a £40 billion tax strategy targeting wealthier individuals and large employers while increasing the minimum wage to £12.21 an hour. The Budget raised national insurance for employers and introduced a higher windfall tax on North Sea firms, prompting mixed reactions from the public and experts regarding its impact on working individuals and small businesses. Labour's commitments not to raise taxes on 'working people' have led to confusion over who qualifies as such, with high earners and asset owners being contentious points. Despite assurances from party leaders, the clarity on tax definitions remains elusive, with ministers hesitant to define 'working people' accurately. The Budget's announcements have left many concerned about the economic implications, particularly for small businesses already under strain. The overall reception of Reeves' Budget is seen as a critical moment for Labour's narrative as it seeks to distance itself from past controversies under Jeremy Corbyn.