Chancellor Rachel Reeves delivered a Budget that takes UK taxes to an all-time high, hitting workers, the wealthy and business to fund higher welfare spending and build up her emergency buffer.
Reeves, who increased taxes by ￡40bn in her first Budget last year, announced a further ￡26bn hike on Wednesday that will lift the overall burden to 38 per cent of GDP by the end of the parliament.
“I’m asking everyone to make a contribution,” said the chancellor, who later refused to rule out more tax rises in future Budgets. “I won’t pretend otherwise.”
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