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UK Treasury Chief Unveils Budget With 40 Billion Pounds In Tax Hikes, Promising Greater Investment

British Treasury chief Rachel Reeves is delivering the first budget from the U.K.’s Labour Party government since it took power in July.

UK Treasury Chief Unveils Budget With 40 Billion Pounds In Tax Hikes, Promising Greater Investment
Britain's Chancellor of the Exchequer, Rachel Reeves, holds up the traditional red ministerial box containing her budget speech, as she poses for the media outside No 11 Downing Street, before departing to the House of Commons to deliver the budget in London, Wednesday, Oct. 30, 2024. (AP)
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By AP (Associated Press)

Published : 2 hours ago

London: British Treasury chief Rachel Reeves is announcing 40 billion pounds in tax hikes in her first budget, saying she will use the money to “invest, invest, invest” and get the economy growing.

Reeves is delivering the first budget from the U.K.’s Labour Party government since it took power in July. She says the tax increases are needed because of the economic “black hole” left by the previous Conservative government. She told lawmakers, “I am restoring stability to our public finances and rebuilding our public services.”

The centre-left party was elected on July 4 after promising to banish years of turmoil and scandal under Conservative governments, get Britain’s economy growing and restore frayed public services.

London: British Treasury chief Rachel Reeves is announcing 40 billion pounds in tax hikes in her first budget, saying she will use the money to “invest, invest, invest” and get the economy growing.

Reeves is delivering the first budget from the U.K.’s Labour Party government since it took power in July. She says the tax increases are needed because of the economic “black hole” left by the previous Conservative government. She told lawmakers, “I am restoring stability to our public finances and rebuilding our public services.”

The centre-left party was elected on July 4 after promising to banish years of turmoil and scandal under Conservative governments, get Britain’s economy growing and restore frayed public services.

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