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.
