UK budget: Taxes raised by $52 billion, most in 30 years

UK Chancellor Rachel Reeves announced a 40 billion pound tax hike, the largest in 30 years, to address a fiscal shortfall left by the previous government. Measures include increasing the national insurance payroll tax and freezing fuel duty. Borrowing will be ramped up to invest in public services.

Oct 31, 2024 - 06:00

UK budget: Taxes raised by $52 billion, most in 30 years

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UK Chancellor Rachel Reeves announced a 40 billion pound tax hike, the largest in 30 years, to address a fiscal shortfall left by the previous government. Measures include increasing the national insurance payroll tax and freezing fuel duty. Borrowing will be ramped up to invest in public services.