Office for National Statistics (ONS) GDP reports

Rachel Reeves Announces £40 Billion Tax Increase in First Labour Budget in 14 Years in House of Commons

Oct 30, 2024, 12:46 PM

Chancellor Rachel Reeves delivered Labour's first Budget in 14 years in the House of Commons, announcing significant tax increases. The Budget will raise taxes by £40 billion, which is the largest tax hike in modern UK history, equating to £1,400 per household. Reeves emphasized that these measures are necessary to restore stability to public finances and invest in public services. The announcement has drawn significant attention and reactions from MPs and the public.